Codex, a blockchain network dedicated to stablecoins, has formally entered production after raising $16 million earlier this year from Dragonfly Capital, Coinbase, Circle Ventures, and other prominent backers. The mainnet went live on 24 June with out-of-the-box support for USDC, allowing the dollar-pegged token to circulate on Codex without bridges or wrapped versions. The team positioned the launch as a milestone for making digital dollars more practical at a moment when the sector’s combined market capitalisation has climbed past $250 billion.
Bridging the Fiat–Crypto Divide
Co-founder Haonan Li explained that the project is designed to remove the obstacles that still separate traditional money and crypto, rather than chasing higher transaction throughput or lower latency. In his view the real friction lies at the points where users convert between bank deposits and on-chain assets. To close that gap, Codex is pursuing regulatory licences, forging relationships with payment ramps, and integrating banking partners. The roadmap includes instant currency swaps, atomic off-ramps that avoid compliance-related lock-ups, and dependable cash-delivery mechanisms in regions where existing providers are slow or unreliable.
Codex Avenue and Upcoming Features
The network’s swap hub, branded Codex Avenue, already facilitates trades between major stablecoins and fiat currencies, including block-sized transactions near par pricing. The developers intend to add automated compliance checks and validator-enforced, risk-free fiat settlement by late 2025. Those enhancements are expected to give businesses and institutional users a smoother workflow when moving funds on and off chain. The Codex team argued that such capabilities will position the network at the centre of the next phase of stablecoin adoption and expressed confidence in its collaboration with issuers such as Circle.
Privacy Without Sacrificing Oversight
Although the system debuts with transparency by default, the architects are also working with specialist cryptography teams to introduce selective confidentiality. Planned zero-knowledge proofs and encryption工具 are meant to conceal sensitive transaction details while preserving regulatory visibility. Further technical specifics are slated for release later in the year, but the objective is to balance user privacy with compliance obligations at scale.
Stablecoin-focused blockchain @codex_pbc, backed by Dragonfly Capital, Coinbase, Circle, and others, has launched its mainnet with native USDC support.
Read more: https://t.co/lRT5ojiTBr pic.twitter.com/Y4tfrwxOcY
— The Defiant (@DefiantNews) June 24, 2025
Expanding the Stablecoin Roster
USDC is only the first asset on the chain. Codex intends to provide native minting and redemption for all major stablecoins, including Tether’s USDT and Circle’s euro-denominated EURC. The founders argued that the long-term credibility of any specialised stablecoin chain will hinge on accommodating the full spectrum of leading tokens, although an exact timetable for additional integrations has not yet been publicised.
Competitive Context
Codex is launching into an increasingly crowded field. Earlier in June, another purpose-built network, Plasma, attracted heavy oversubscription for a $50 million token sale. Around the same time, Circle’s long-anticipated initial public offering also drew demand that exceeded supply and was later viewed as undervalued, signalling market appetite for stablecoin-related exposure. Circle’s overall valuation recently overtook the circulating capitalisation of USDC itself, underscoring investor confidence in infrastructure that supports regulated digital dollars.
Outlook
By focusing on the junction between fiat and crypto, Codex aims to turn stablecoins into a seamless instrument for everyday business rather than a vehicle limited to speculative trading. If the team delivers on promised off-ramp reliability, automated compliance, and privacy-preserving tools, analysts suggest the platform could become a preferred venue for enterprises seeking fast, low-risk dollar transfers. The coming year will reveal whether Codex can meet those ambitions and differentiate itself in a sector where technical prowess increasingly competes with regulatory finesse.