Dragonfly-Backed Codex Launches Blockchain for Stablecoins with Native USDC Support

Codex, a brand new blockchain community for Stablecoins that obtained $ 16 million earlier this yr from Dragonfly Capital, Coinbase, Circle and different outstanding buyers, has formally launched its mainnet to make digital {dollars} extra sensible for each day funds.

The community went reside, 24 June, with native assist for USDC, which signifies that the stablecoin can transfer over codex without having a cross-chain bridge or wrapper. Based on a press launch that’s shared with the Defiant, the aim of Codex is to supply a smoother method for corporations and establishments to make use of Stablecoins, simply as their international capitalization has just lately risen above $ 250 billion.

Codex Co-founder Haonan Li mentioned in an interview with The Defiant that the challenge is making an attempt to resolve what he sees as the true problem within the adoption of Stablecoin, not blockchain velocity or transaction limits, however the hole between crypto and conventional cash.

“In our opinion, neither TPS nor latency are actually the bottlenecks for the adoption of Stablecoin as we speak,” he mentioned. “The actual bottlenecks are all on the Fiat <> Crypto restrict. Blockchain groups haven’t traditionally targeted on these border issues, they normally wouldn’t have the curiosity or experience to resolve these issues.”

Confidentiality

To deal with this, Codex works on licenses, partnerships with cost slopes and financial institution relationships, says Li. The builders plan to roll out capabilities comparable to immediate foreign money swaps, atomic off-roots that don’t permit customers to retain as a result of compliance issues, and extra dependable money supply programs in areas the place current off-disasters are sluggish or unreliable.

Codex’s Swap -Platform – Codex Avenue – already presents transactions between Stablecoins and Fiat, together with giant transactions close to 1: 1 prizes, the crew revealed within the press launch. Extra capabilities, comparable to automated compliance controls and risk-free Fiat supply with the assistance of validators held accountable by the community itself, are anticipated on the finish of 2025.

“Because of this Codex can be the place the way forward for the Stablecoin will occur, and why we’re proud to work with Stablecoin mittens like Circle,” Li mentioned.

When demanding privateness capabilities on the chain, Li mentioned that Codex cooperates with prime groups in Crypto to make some elements of transactions keep non-public, whereas nonetheless meets the compliance requirements. The chain will use new zero information and coding instruments to supply this sort of confidentiality on a scale. “Extra to share quickly,” he hinted, with out diving into technical particulars.

Whereas Codex is being launched with USDC, Li confirmed that the crew is planning to assist all giant stablecoins, together with Tether’s USDT and Circle’s Euro-backed EURC. “Codex works with all points. We imagine that the Stablecoin chain of the longer term ought to provide native entry to all stablecoins,” he instructed the Defiant, though no timeline has been specified for these integrations.

Earlier this month, one other blockchain, plasma,, one other query of participation in his $ 50 million token sale, noticed one other course, whereas Circle’s long-awaited IPO was additionally transferred and, it turned out, undervalued indicators of a robust demand for publicity to stabelic life. From yesterday, Circle’s Market Cap surpassed the present circulating market capitalization of USDC itself.