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Ubyx whitepaper - Enabling stablecoin ubiquity - Tony McLaughlin
Deposit stablecoins at your bank or fintech
We believe that stablecoins will be accepted globally for all kinds of payments.
We believe that enabling people to deposit stablecoins with their own bank or fintech is a key part of the vision.
ubyx will connect financial institutions and stablecoin issuers in a global redemption network.
ubyx makes stablecoins ubiquitous through acceptance at traditional financial institutions, neo-banks and fintechs all around the world. In doing so it strengthens the stablecoin ecosystem for users, issuers, accepting institutions and regulators.
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Offer a new payment option to your clients and be part of the public blockchain revolution
What is Ubyx
- Ubyx is a clearing system that enables any financial institution or regulated fintech to offer a new service to their existing customers – the ability to deposit stablecoins right into their existing account, 24*7, almost instantly.
- This capability will add a new redemption channel for stablecoins alongside cryptocurrency exchanges and direct relationships with issuers. These channels will continue to be important, but they will be improved by the presence of Ubyx.
- Ubyx will provide financial institutions with hosted wallets that enable their clients to receive stablecoin payments. Perhaps to begin with these will be niche use-cases like app developers and social media influencers, but this will soon spread to remittances, cross border trade and eventually to payments of all kinds.
- There will be many regulated stablecoin issuers and the user needs a direct channel to deposit a variety of instruments into their existing account with a bank or fintech.
- The bank then needs a way to claim payment from multiple issuers and have a high degree of assurance that they will be paid before crediting the user’s account. Ubyx will give financial institutions a single interface to submit stablecoins from all participating Ubyx issuers for redemption at par value on demand.
- Ubyx will route the stablecoins back to the issuers for payment, and then route the payments back to the financial institutions.
- By enabling deposit of stablecoins direct to existing accounts, Ubyx unlocks remarkable benefits across the entire stablecoin ecosystem.
This whitepaper is an executable plan that takes your inputs and outputs stablecoin ubiquity.
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