Codex, a groundbreaking blockchain network designed for stablecoins, has officially launched its mainnet after securing $16 million in funding earlier this year from top investors such as Dragonfly Capital, Coinbase, and Circle. The platform aims to make digital dollars more accessible and practical for everyday financial transactions.
The mainnet went live on June 24, with native support for USDC. This means that USDC can seamlessly move across Codex without the need for cross-chain bridges or wrappers. According to a press release shared with The Defiant, Codex’s objective is to provide a seamless solution for businesses and institutions to utilize stablecoins, especially as their global market capitalization has exceeded $250 billion.
Haonan Li, co-founder of Codex, highlighted the project’s focus on bridging the gap between traditional fiat currency and cryptocurrency. He emphasized that the real challenge in stablecoin adoption lies in the integration of fiat and crypto, rather than blockchain speed or transaction limits.
Enhancing Confidentiality and Accessibility
To tackle this challenge, Codex is actively working on obtaining licenses, forming partnerships with payment gateways, and establishing banking relationships. The platform plans to introduce features like instant currency swaps, compliant off-ramps, and more efficient cash delivery systems in regions with slow or unreliable off-ramps.
Codex Avenue, the platform’s swap platform, already facilitates trades between stablecoins and fiat, offering competitive pricing and secure transactions. Future enhancements, including automated compliance checks and risk-free fiat delivery, are in the pipeline for late 2025.
In addition, Codex is collaborating with industry leaders to introduce on-chain privacy features that allow for confidential transactions while meeting compliance standards. The platform will leverage zero-knowledge proofs and encryption tools to deliver scalability and confidentiality.
While Codex currently supports USDC, the team plans to integrate other major stablecoins such as USDT and EURC in the future. Codex aims to provide native access to all stablecoins, working closely with issuers to ensure seamless integration.
The launch of Codex comes amidst growing demand for stablecoins, as evidenced by the success of other stablecoin-focused projects like Plasma and the oversubscribed IPO of Circle. The market cap of Circle has even surpassed that of USDC, indicating strong investor interest in stablecoin exposure.