The Stablecoin Chain Wars: Codex’s Bet on On-Chain FX | Cofounder Haonan Li
Description
Payment chains are heating up. Not every “stablecoin chain” is playing the same game.
Codex cofounder and CEO Haonan Li joins David to map the real landscape: what neutrality looks like in practice, why the bottleneck isn’t TPS but fiat-to-stable friction, and how on-chain FX could pull global flows.
We dig into the Bear-Chain incentive trap. Why Codex chose to build as an Ethereum L2. The case for app-specific rollups that return value to ETH. And the growing split between projects that bundle value toward Ethereum and those that pull it away.
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TIMESTAMPS
0:00 Intro
1:10 Codex’s Market Positioning
2:24 How Stablecoin Chains Differ
4:55 Neutrality For Chains And Customers
8:11 Codex’s Focus: Fiat Friction & Wholesale FX
14:16 The Golden Goose: On-Chain Transfers Vs On-Ramps
17:49 Liquidity, Demand, Exotics: The Case For On-Chain FX
24:55 Why An Ethereum L2: Technical & Economic Rationale
32:50 Founding Codex, Contrarian Thesis & Focused L2s
40:23 Community Dynamics, Tempo, Bundlers Vs Unbundlers
1:00:16 Closing Thoughts
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RESOURCES
Haonan Li
https://x.com/haonan
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