{"id":126491,"date":"2025-04-04T18:15:46","date_gmt":"2025-04-04T18:15:46","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126491"},"modified":"2025-04-04T18:15:46","modified_gmt":"2025-04-04T18:15:46","slug":"codex-to-build-stablecoin-only-blockchain-disavowing-general-purpose-chains-report","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126491","title":{"rendered":"Codex to build stablecoin-only blockchain, disavowing \u2018general-purpose\u2019 chains \u2014 Report"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsBlockchain startup Codex has raised $15.8 million to build a layer-2 network specifically for stablecoins, signaling that more builders are rushing to capitalize on the growing industry and regulatory alignment around fiat-backed stable assets.\u00a0<br \/>\nThe seed round was led by Dragonfly Capital, with additional participation from Coinbase, Circle, Cumberland Labs, Wintermute Ventures and others, Codex told Fortune.<br \/>\nThe funding will be used to help Codex build its stablecoin-only platform from the ground up, said co-founder and CEO Haonan Li.<br \/>\nSource: Victor YawCodex has disavowed \u201cgeneral-purpose blockchains\u201d because of their inefficiencies in meeting real-world use cases, said Li. Instead, Codex is building a stablecoin-only chain on top of Optimism, an Ethereum layer-2 scaling solution that uses rollup technology to boost transaction speeds and lower costs.<br \/>\nAlthough details about the Codex chain were sparse, Li said the stablecoin solution aims to create a predictable fee structure that isn\u2019t influenced by volatile blockchain activity.\u00a0<br \/>\nCodex is also aiming to build stablecoin off-ramps with existing cryptocurrency exchanges and local brokers, which would allow users to cash out their onchain assets for fiat.\u00a0<br \/>\nRelated: Stablecoin adoption grows with new US bills, Japan\u2019s open approach<br \/>\nThe stablecoin \u201chunch\u201d\u00a0<br \/>\nIn 2023, Li had a \u201chunch\u201d that stablecoins would be the next major blockchain growth story, which at the time \u201cwas a pretty contrarian view among these core crypto people,\u201d he told Fortune.\u00a0<br \/>\nCodex co-founder Victor Yaw said the stablecoin market has grown 60 times in the last six years, but still only accounts for less than 2% of offshore US dollar deposits.\u00a0<br \/>\n\u201cWe haven\u2019t even scratched the surface,\u201d he said.<br \/>\nStablecoin demand has shown signs of resilience, growing in the face of adverse crypto market conditions. Although crypto markets plunged in the first quarter, stablecoin supplies increased by $30 billion during that period, according to crypto intelligence firm IntoTheBlock.\u00a0<br \/>\nThe total stablecoin market capitalization now sits at nearly $230 billion. The vast majority of stable assets are backed by US dollars.\u00a0<br \/>\nThe stablecoin circulating supply has grown by nearly 3% over the past 30 days. Source: RWA.xyzCodex isn\u2019t the only stablecoin network to emerge from stealth this year. In January, a layer-1 network called 1Money raised $20 million to further develop its stablecoin payment platform.\u00a0<br \/>\n1Money\u2019s founder and former Binance.US chief Brian Shroder told Cointelegraph that the future of stablecoins will be \u201cmulticurrency,\u201d with stable assets extending beyond the dominant US dollar.\u00a0<br \/>\nGrowth beyond the US dollar will likely be fueled by \u201cdemand for localized stablecoin financial solutions and use cases,\u201d said Shroder.<br \/>\nRelated: \u2018We\u2019re bullish on stablecoins,\u2019 next-gen DeFi \u2014 Coinbase Ventures head<a href=\"https:\/\/cointelegraph.com\/news\/codex-stablecoin-blockchain-venture-capital-funding?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsBlockchain startup Codex has raised $15.8 million to build a layer-2 network specifically for stablecoins, signaling that more builders are rushing to capitalize on the growing industry and&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126491"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126491"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126491\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126491"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}