Codex

Market position

Codex operates in the stablecoin payments and cross-border FX infrastructure segment, an area that saw heightened investor interest after Stripe's acquisition of Bridge for more than $1 billion. In building a stablecoin-specific chain it competes with other purpose-built stablecoin infrastructure efforts such as Plasma; Dragonfly general partner Rob Hadick said stablecoin chains had been widely discussed but not executed well by others. The company states it clears over $1 billion in volume per month.

Codex positions on wholesale institutional pricing with upfront transparent rates, settlement typically under 30 minutes versus 2-5 business days, continuous 24/7/365 availability, KYB onboarding in days, and coverage of emerging and frontier market currencies rather than G7 pairs alone. It supports both fiat-to-stablecoin and stablecoin-to-stablecoin flows through one counterparty. On the infrastructure side, the founders argue that general-purpose blockchains serve no single industry well and that a stablecoin-specific chain can be more efficient.

Technology

The platform routes fiat and stablecoin conversion through institutional liquidity, supporting stablecoins including USDC, USDT and PYUSD across networks such as Ethereum, Solana and Tron, with cross-chain bridging described as avoiding slippage and smart-contract exposure. Compliance uses onchain and offchain AML controls with partners Elliptic, Notabene and Flagright, and the company states its KYB and licensing approach aligns with MiCA and MSB standards, with institutional custody and access controls. Press coverage of its 2025 seed round described a stablecoin-specific layer-two blockchain built on Optimism with stable transfer fees, built-in offramps and planned transaction confidentiality features.

Go-to-market

Direct B2B sales via demo bookings on the company website, with segment-specific pages for PSPs, fintechs, remittance companies, neobanks, commodities and e-commerce, plus developer documentation and an API for technical integration. The company also publishes a blog and podcast, and cites investor and industry endorsements on its site.

Payment service providers, fintechs, neobanks, remittance companies, invoice/supplier payment operations, commodities firms and e-commerce businesses, with an emphasis on companies operating in emerging and frontier markets.

Geography

Active corridors cover the US dollar, euro, British pound, Mexican peso and Brazilian real alongside USDC and USDT, with announced expansion into Latin American, Middle Eastern and Asian currencies (Chilean peso, Colombian peso, Turkish lira, Argentine peso, Bolivian boliviano, Peruvian sol, Philippine peso, Indian rupee, Indonesian rupiah, Vietnamese dong, UAE dirham and Pakistani rupee). The company emphasises emerging and frontier market coverage.

History

Haonan Li founded the company in 2023 after working on the Optimism layer-two network. In April 2025 the company, then described as building a stablecoin-specific blockchain, announced a $15.8 million seed round led by Dragonfly Capital. The company currently markets itself as Codex FX, a stablecoin-native FX and settlement platform offering on/off ramps, a blockchain bridge and a stablecoin swap API.

Risks & controversies

The seed round included token warrants for a cryptocurrency that had not yet been released at the time of reporting, and several listed currency corridors remain unlaunched. The stablecoin-chain thesis is unproven: Dragonfly's Rob Hadick noted that while purpose-built stablecoin chains have been discussed, no one has executed one well, and competitors such as Plasma are pursuing similar infrastructure. The website's claim of clearing over $1 billion in monthly volume is self-reported and not independently verified in the sources.