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Ethereum's New Stablecoin Chain with Haonan Li
Description
Ethereum's neutral infrastructure for all stablecoins is here.
In this episode of Stabled Up, Hoanan Li, co-founder and CEO of Codex, shares how they're building Ethereum's dedicated infrastructure for stablecoins and why they chose to build on Ethereum rather than launch their own L1.
From attacking the $7.5 trillion FX market to enabling regional stablecoins without USD intermediaries, Hoanan explains why the "research fetish" problem is holding crypto back and what institutional banking actually needs.
We discuss:
- Why Codex Chose Ethereum Over Building an L1
- The "Research Fetish" Problem in Crypto
- How Codex FX Attacks the $7.5T FX Market
- Regional Stablecoins Without USD Intermediaries
- Banking Licenses & Institutional BD Nobody Wants to Do
Timestamps:
00:00 Intro
00:48 Frax Ad
01:25 Hoanan's Origin Story
02:43 Why Build For All Stablecoins?
04:04 Ethereum's Stablecoin Spec Ops
05:06 Hibachi Ad, Trezor Ad, Yeet Ad
05:39 Avoiding Research Fetish
08:10 The Real Bottleneck: Fiat โ Crypto
09:25 Institutional Banking Approach
10:40 Codex FX Product Deep Dive
12:01 Challenging the FX Status Quo
13:08 Reshaping Global Commerce
15:43 Incremental FX Unbundling
16:42 Kalshi Ad, Halliday Ad, InfiniFi Ad
17:15 Q4/Q1 Roadmap & TNF Product
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