{"id":"codex","title":"Codex","content":"**Codex** is an EVM-equivalent [Layer 2](https://iq.wiki/wiki/layer-2) [blockchain](https://iq.wiki/wiki/blockchain) built on [Ethereum](https://iq.wiki/wiki/ethereum), designed specifically to function as a high-throughput infrastructure for [stablecoin](https://iq.wiki/wiki/stablecoin)-native payments, foreign exchange (FX), and settlement. The project's mission is to create a global, electronic cash system by addressing inefficiencies in both traditional finance and existing [blockchain](https://iq.wiki/wiki/blockchain) networks. It aims to become a central liquidity hub for stablecoins representing various world currencies, thereby reducing the friction between [fiat](https://iq.wiki/wiki/fiat-money) and [cryptocurrency](https://iq.wiki/wiki/cryptocurrency). [\\[1\\]](#cite-id-50AIUJIa9VWyO43h) [\\[2\\]](#cite-id-iLUpd0eG7CnuY8ms)​\n\n## Overview\n\nCodex was developed to address what its creators identify as fundamental flaws in the global financial system and first-generation [blockchain](https://iq.wiki/wiki/blockchain) infrastructure. The project targets the traditional FX market, which it describes as \"fundamentally broken\" due to hidden fees and outdated settlement systems. [\\[2\\]](#cite-id-iLUpd0eG7CnuY8ms) Simultaneously, it seeks to rectify the imbalance in the [stablecoin](https://iq.wiki/wiki/stablecoin) market, where [non-USD stablecoins](https://iq.wiki/wiki/non-usd-stablecoins) have historically accounted for a very small fraction of the total market capitalization. By creating a purpose-built chain for stablecoins, Codex aims to foster the growth and liquidity of non-USD pegged assets. [\\[2\\]](#cite-id-iLUpd0eG7CnuY8ms)​\n\nThe platform is not designed for general-purpose computation like many other blockchains. Instead, its architecture is optimized at every level—from fee structures to liquidity and custody—for the specific use case of stablecoin settlement. This specialized focus intends to solve problems that stablecoin users face on general-purpose chains, such as liquidity fragmentation across different protocols, unreliable network performance during periods of high congestion, and the absence of a native, on-chain FX mechanism. Codex's target users include fintech companies, over-the-counter (OTC) desks, enterprises, and consumers who require a reliable and efficient system for cross-border payments and currency exchange. [\\[1\\]](#cite-id-50AIUJIa9VWyO43h)​\n\nThe project positions itself as \"Ethereum's stablecoin chain,\" leveraging [Ethereum](https://iq.wiki/wiki/ethereum)'s security for settlement while providing its own high-throughput execution environment. By embedding services like compliance, identity, and FX directly into the protocol, Codex aims to provide a comprehensive solution for a regulated and efficient digital cash system. [\\[2\\]](#cite-id-iLUpd0eG7CnuY8ms) [\\[1\\]](#cite-id-50AIUJIa9VWyO43h)​\n\n## Technical Architecture\n\nAs an [Ethereum](https://iq.wiki/wiki/ethereum) [Layer 2](https://iq.wiki/wiki/layer-2), Codex is designed to offer high throughput and low transaction costs while inheriting the security and decentralization of the [Ethereum](https://iq.wiki/wiki/ethereum) [mainnet](https://iq.wiki/wiki/mainnet) for final settlement. Its architecture is purpose-built to support stablecoin-native applications. [\\[1\\]](#cite-id-50AIUJIa9VWyO43h)​\n\n### Design Philosophy\n\nCodex operates with a design philosophy that prioritizes [stablecoin](https://iq.wiki/wiki/stablecoin) utility over general-purpose functionality. This is reflected in several key architectural decisions: [\\[1\\]](#cite-id-50AIUJIa9VWyO43h)​\n\n* **Specialized Optimization:** The entire stack, including fee design, gas abstraction, liquidity mechanisms, and custody infrastructure, is optimized for stablecoin transfers and swaps.\n* **Execution Determinism:** The network is engineered for predictable transaction outcomes, which is critical for reliable payment and settlement systems.\n* **Network Reliability:** By focusing on a narrow set of use cases, the chain aims to provide high uptime and consistent performance, avoiding the congestion issues seen on general-purpose chains.\n* **Atomic Settlement:** The protocol guarantees that multi-part transactions, such as a swap followed by a transfer, either complete in their entirety or fail, preventing funds from being stuck in an intermediate state.\n\n### Core Components\n\nThe Codex L2 integrates several key services at the protocol level: [\\[1\\]](#cite-id-50AIUJIa9VWyO43h)​\n\n* **EVM-Equivalence:** The chain is fully compatible with the [Ethereum](https://iq.wiki/wiki/ethereum) Virtual Machine, allowing developers to deploy existing [Ethereum](https://iq.wiki/wiki/ethereum)-based smart contracts and use familiar tools and languages like [Solidity](https://iq.wiki/wiki/solidity).\n* **Ethereum Settlement:** Transactions are executed on Codex and then batched and settled on the [Ethereum](https://iq.wiki/wiki/ethereum) mainnet, leveraging its security for finality.\n* **Native Stablecoin Support:** The chain integrates native versions of major stablecoins, such as [USDC](https://iq.wiki/wiki/usdc), directly in collaboration with their issuers. This avoids the security risks and liquidity fragmentation associated with bridged or wrapped assets.\n\n## Key Features\n\nCodex incorporates several features directly into its protocol to create a comprehensive ecosystem for stablecoin operations.\n\n### On-Chain Foreign Exchange (FX)\n\nA central feature of Codex is its native on-chain FX primitive. This is designed to be the primary venue for direct, efficient swaps between various fiat-backed [stablecoins](https://iq.wiki/wiki/stablecoin) (e.g., [USDC](https://iq.wiki/wiki/usdc) to [EURC](https://iq.wiki/wiki/eurc) or [KRWQ](https://iq.wiki/wiki/krwq)). By building this capability into the protocol, Codex aims to offer consistent and transparent pricing, replacing the need for applications to rely on disparate, external liquidity sources for currency conversion. [\\[1\\]](#cite-id-50AIUJIa9VWyO43h)​\n\n### Embedded Compliance Engine\n\nUnlike many DeFi protocols that leave compliance to the application layer, Codex integrates a compliance engine directly into its infrastructure. This is intended to facilitate use by regulated institutions and fintech companies. The engine includes components such as: [\\[1\\]](#cite-id-50AIUJIa9VWyO43h)​\n\n* **Address Book:** A system for managing and verifying counterparty identities and addresses.\n* **Custom Transactions:** The ability to create transactions with embedded compliance logic and rules.\n* **Curated Validator Set:** The network may utilize a permissioned or curated set of validators to meet specific performance or regulatory requirements.\n\n### Trading and Execution Optimization\n\nTo incentivize deep liquidity and provide a superior trading experience for its core use case, Codex includes several optimizations: [\\[1\\]](#cite-id-50AIUJIa9VWyO43h)​\n\n* **Market Maker Priority:** A feature designed to give preferential treatment or benefits to professional market makers who provide deep and consistent liquidity to the platform.\n* **Fast Finality:** The architecture ensures that transactions are confirmed quickly and irreversibly, a crucial requirement for payments and time-sensitive financial operations.\n* **Fee Efficiency:** The system is engineered to minimize transaction costs for stablecoin transfers and swaps, making it economically viable for both small-scale payments and large institutional settlements.\n\n## Funding\n\nIn early 2025, Codex closed a $16 million seed funding round led by Dragonfly Capital. The round saw participation from other prominent digital asset investors, including [Coinbase](https://iq.wiki/wiki/coinbase) and [Circle](https://iq.wiki/wiki/circle) Ventures. The funding was raised prior to the project's [mainnet](https://iq.wiki/wiki/mainnet) launch on June 24, 2025. [\\[5\\]](#cite-id-HMwWOoCkIYLvyEIN)​\n\nAccording to co-founder Haonan Li, the capital was earmarked to help Codex address challenges at the \"fiat<> crypto boundary\" for [stablecoins](https://iq.wiki/wiki/stablecoin). Strategic initiatives funded by the round include acquiring licenses, establishing banking and payment ramp partnerships, and developing core platform features like the \"Codex Avenue\" swap platform and atomic off-ramps. The funds also support research into privacy-preserving technologies using [zero-knowledge proofs](https://iq.wiki/wiki/zero-knowledge-proofs-zkps). Circle's investment underscored the strategic alignment between the two entities, as Codex launched with native support for [USDC](https://iq.wiki/wiki/usdc). [\\[5\\]](#cite-id-HMwWOoCkIYLvyEIN) <br />\n\n## Partnerships\n\n### KRWQ\n\nIn January 2026, Codex has partnered with [KRWQ](https://iq.wiki/wiki/krwq), the first Korean Won [stablecoin](https://iq.wiki/wiki/stablecoin), to have it launch on the Codex platform. The launch of [KRWQ](https://iq.wiki/wiki/krwq) addresses a core objective of the Codex project: to increase the liquidity and adoption of [non-USD stablecoins](https://iq.wiki/wiki/non-usd-stablecoins). The integration provides users, particularly fintechs and OTC desks, with a reliable and regulated-friendly venue for KRW-denominated payments and settlement, reducing friction between the Korean fiat currency and the global digital asset ecosystem. This partnership exemplifies Codex's focus on building a specialized infrastructure for global, electronic cash systems. [\\[3\\]](#cite-id-KoXFd1KBn4MxR2UX)​\n\n### BiLira\n\nIn November 2025, Codex partnered with [BiLira](https://iq.wiki/wiki/bilira) to bring the Turkish Lira-backed stablecoin, TRYB, to the Codex Chain. The collaboration added a major non-USD currency to Codex's growing multi-currency [stablecoin](https://iq.wiki/wiki/stablecoin) ecosystem. This partnership further supports Codex's mission to create a central liquidity hub for stablecoins representing various world currencies. [\\[4\\]](#cite-id-AE9C4h16UWvABJQk)​\n\n### PDAX\n\nIn October 2025, Codex announced a partnership with the Philippine Digital Asset Exchange (PDAX) to enhance remittance services to the Philippines using [stablecoin](https://iq.wiki/wiki/stablecoin) technology. The collaboration aims to make money transfers faster and more cost-efficient for overseas Filipinos, specifically targeting the US-Philippines corridor, one of the world's largest cross-border payment routes. Under the partnership, PDAX will integrate Codex's infrastructure, which will provide [stablecoin](https://iq.wiki/wiki/stablecoin) swap services, liquidity management, and settlement via its Codex Chain. Nichel Gaba, CEO of PDAX, stated that the initiative aligns with the exchange's mission to \"empower Filipinos with better access to financial opportunities.\" [\\[7\\]](#cite-id-MdvcQ2aU2zdqkSaG) [\\[8\\]](#cite-id-qoLJe6ZZZL3DRwhE)​\n\n### Bybit\n\nIn September 2025, [Bybit](https://iq.wiki/wiki/bybit) became the first Tier-1 exchange to integrate the Codex blockchain. The integration allows users to deposit and withdraw [USDC](https://iq.wiki/wiki/usdc) directly on Codex, benefiting from faster transaction speeds and lower fees compared to the [Ethereum](https://iq.wiki/wiki/ethereum) mainnet. This partnership represents a significant step in connecting centralized finance (CeFi) with Codex's specialized stablecoin ecosystem. [\\[9\\]](#cite-id-9VqI0GhKzBPRxGHt)​\n\n### GSR\n\nIn August 2025, the global crypto trading firm and liquidity provider GSR integrated the Codex blockchain as a settlement layer for its institutional clients. This allows GSR's clients to conduct over-the-counter (OTC) settlements directly on Codex, leveraging its speed and efficiency for stablecoin transactions. [\\[10\\]](#cite-id-APegRpiwYyezZxAN)&#x20;\n\n### USDC\n\nIn June 2025, Codex launched its mainnet with native [USDC](https://iq.wiki/wiki/usdc) support through a partnership with [Circle](https://iq.wiki/wiki/circle). The [USDC](https://iq.wiki/wiki/usdc) on Codex is a native [ERC-20](https://iq.wiki/wiki/erc-20) token, not a bridged asset, and its supply on the chain exceeded $52.33 million as of January 27, 2026. [\\[6\\]](#cite-id-74W10zu6CcW0Ucrr)​\n\nThe integration includes support for Circle's Cross-Chain Transfer Protocol (CCTP), enabling the movement of [USDC](https://iq.wiki/wiki/usdc) between Codex and other supported blockchains. Additionally, qualified businesses can use a [Circle](https://iq.wiki/wiki/circle) Mint account to directly mint and redeem [USDC](https://iq.wiki/wiki/usdc). Applications such as [BiLira](https://iq.wiki/wiki/bilira), Dfns, Fireblocks, and Reap have integrated [USDC](https://iq.wiki/wiki/usdc) on Codex. [\\[6\\]](#cite-id-74W10zu6CcW0Ucrr)​","summary":"Codex is an EVM-equivalent Layer 2 blockchain on Ethereum, designed a stablecoin-native chain for payments, on-chain foreign exchange (FX), and settlement. 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