The Stablecoin Chain Wars: Codex’s Bet on On-Chain FX

In this Bankless episode, Codex cofounder and CEO Haonan Li walks through how stablecoin payment chains are evolving, why real neutrality matters, and how the real bottleneck is fiat-to-stablecoin friction rather than TPS. They explore the promise of on-chain FX for global value flows, the pitfalls of “bear-chain” incentives, and why Codex chose to build as an Ethereum L2 with an app-specific rollup that returns real value to ETH.

Expect a deep dive into liquidity dynamics, wholesale FX markets, on-chain transfers versus on-ramps, and the growing split between projects bundling value toward Ethereum and those pulling it away. It’s a contrarian thesis on focused L2s, the case for exotics, and the new rules of stablecoin chain competition.

Watch on YouTube