Source: Cointelegraph Original: "{title}"
Blockchain startup Codex has raised $15.8 million to build a Layer-2 network specifically designed for stablecoins. This indicates that as the fiat-backed stablecoin industry continues to grow and gradually gain regulatory support, more developers are intensifying their efforts.
Codex revealed to Fortune magazine that this round of seed funding was led by Dragonfly Capital, with participation from institutions such as Coinbase, Circle, Cumberland Labs, and Wintermute Ventures.
Codex co-founder and CEO Li Haonan stated that the funds will be used to build Codex's "stablecoin-exclusive platform" from the ground up.
Source: Victor Yaw
Li Haonan mentioned that Codex has abandoned the development direction of a "general-purpose blockchain" due to their inefficiency in meeting real-world use cases. Instead, Codex is building a chain that exclusively supports stablecoins based on Optimism, an Ethereum Layer-2 scaling solution. Optimism uses Rollup technology to enhance transaction speed and reduce costs.
Although specific details about the Codex chain are still limited, Li stated that the project's goal is to provide a stablecoin solution with a predictable fee structure that is not affected by on-chain activity fluctuations.
Additionally, Codex plans to collaborate with existing cryptocurrency exchanges and local brokers to create fiat withdrawal channels for stablecoins, allowing users to convert on-chain assets into traditional currency.
Li Haonan recalled that he had a "gut feeling" in 2023 that stablecoins would become the next major growth story in blockchain, and at that time, this view was relatively "counter-trend" within the core crypto circle.
Codex co-founder Victor Yaw added that the stablecoin market has grown 60 times over the past six years, but its size still accounts for less than 2% of offshore dollar deposits.
Yaw stated, "We haven't even scratched the surface."
Despite the overall cryptocurrency market experiencing a downturn in the first quarter of this year, stablecoins have shown strong resilience. According to data from crypto analytics firm IntoTheBlock, the supply of stablecoins increased by $30 billion in that quarter.
Currently, the global market capitalization of stablecoins is approaching $230 billion, with the vast majority of stablecoins backed by the US dollar.
In the past 30 days, the total circulation of stablecoins has grown by nearly 3%. Data source: RWA.xyz
Codex is not the only stablecoin network to emerge from "stealth mode" this year. In January, 1Money (a Layer-1 network) completed a $20 million funding round to further develop its stablecoin payment platform.
1Money founder and former Binance.US CEO Brian Shroder told Cointelegraph that the future of stablecoins will be "multicurrency", with applications no longer limited to being dollar-centric.
Shroder stated, "The demand for localized stablecoin financial solutions and real-world use cases will drive growth beyond the dollar."
Related articles: Binance co-founder Zhao Changpeng to provide blockchain technology advice to Kyrgyzstan.
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