Codex to produce stablecoin-only blockchain, not refusing the ‘overall-purpose’ chain-report
Blockchain Startup Codex raised $ 15.8 million to generate a Layer-2 network specifically for Stablecoins, which signed that more builders were in a hurry to achieve the growing industry and regulatory alignment around fiat-back stable assets.
The seed of the seed was led by the Dragonfly Capital, with further participation from Coinbase, Circle, Cumberland Labs, Wintermute Ventures and more, Codex said Fate.
The funding will be used to help the codex build the Stablecoin-only platform from the ground up, co-founder and CEO Huonan Li said.
Source: Victor Yaw
The Codex has removed “general-purpose blockchains” due to their efficiency in responding to real-world use cases, Li said. Instead, Codex builds a stablecoin-only chain on top of Optimism.
Although the details about the codex chain are widespread, Li said the Stablecoin solution aims to create an unpredictable fee structure that is not influenced by PABAGU -change of blockchain activity.
Codex also aims to develop stablecoin off-ramp With existing cryptocurrency exchanges and local brokers, which will allow users to cash out their onchain assets for Fiat.
Related: Stablecoin adoption is growing with new US bills, Japan’s open approach
The stablecoin “hunch”
In 2023, Li had a “hunch” that the Stablecoins was the next main story of blockchain growth, which at the time “was a good controversial view of these major crypto people,” he told Fortune.
Codex co-founder Victor Yaw Says The Stablecoin market has grown 60 times in the last six years, but still have accounts of less than 2% of US dollar deposits.
“We haven’t scratched the surface yet,” he said.
Stablecoin demand has shown signs of stability, growing in the face of adverse conditions in the crypto market. Although crypto markets fall into the first quarter, Stablecoin supplies increase $ 30 billion At the time, according to the crypto intelligence firm Intotheblock.
The total capitalization of the StableCoin market is now seated at about $ 230 billion. Most stable owners are supported by the US dollar.
The supply of stablecoin circulating -switch has grown about 3% in the last 30 days. Source: Rwa.xyz
Codex is not the only Stablecoin network that came out of Stealth this year. In January, a Layer-1 network was called 1Money raised $ 20 million To further develop the stablecoin payment platform.
The founder of 1Money and former Binance.us Chief Brian Shroder told Cointelegraph that The future of Stablecoins will be “multicurrency,” with steady possessions reaching beyond the dominant US dollar.
Growth beyond the US dollar is likely to be filed by “demand for localized Stablecoin financial solutions and use cases,” Shroder said.
https://www.youtube.com/watch?v=FDPMJHTQ5am
Related: ‘We are bullish in Stablecoins,’ Next-Gen Defi-Coinbase Ventures Head
