The startup Blockchain Codex collected $ 15.8 million to build a layer of layer 2 specifically for stablescoins, reporting that more manufacturers rush to capitalize on increasing industry and regulatory alignment around the stable assets supported by Fiat.
The seed lathe was led by Dragonfly Capital, with additional Coinbase, Circle, Cumberland Labs, Wintermute Ventures and others, Codex in Fortune told Fortune.
Funding will be used to help Codex build its stable-co-poin platform only from zero, said the co-founder and CEO Haonan Li.
Source: Victor Yaw
The Codex has disowned the “blockchains for general use” because of their ineffectiveness in the satisfaction of the use of the real world, declared Li. Instead, Codex builds a stable -co -channel only in addition to optimism, a solution for scaling the 2 Ethereum layer which uses Rollup technology to increase transaction speeds and reduce costs.
Although the details on the Codex chain are rare, Li said that the Stablecoin solution aims to create a predictable cost structure which is not influenced by the activity of the volatile blockchain.
The Codex also aims to create ramps outside Stablecoin with exchanges of cryptocurrency and existing local brokers, which would allow users to remove their assets from Onchain for Fiat.
In relation: The adoption of stablescoin increases with new American invoices, the open approach to Japan
The Stablecoin “Stub”
In 2023, Li had an “intuition” that stablecoins would be the next major blockchain growth story, which at the time “was a vision fairly against the tide among these main people of cryptography,” he told Fortune.
Codex co-founder Victor Yaw said the Stablecoin market has increased 60 times in the past six years, but still represents less than 2% of offshore US dollars.
“We didn’t even scratch the surface,” he said.
The demand for Stablecoin has shown signs of resilience, increasing in the face of the unfavorable conditions of the cryptography market. Although cryptographic markets plunged in the first quarter, stablecoin supplies increased by $ 30 billion during this period, according to the Crypto Intotheblock intelligence company.
Total Stablecoin market capitalization is now at nearly $ 230 billion. The vast majority of stable assets are supported by US dollars.
The circulating offer of Stablecoin has increased by almost 3% in the last 30 days. Source: Rwa.xyz
Codex is not the only stable network to emerge from stealth this year. In January, a layer of layer 1 called 1Money collected $ 20 million to further develop its Stablecoin payment platform.
The founder and former Binance de Memoney.us, Brian Shroder, told Cintelegraph that the future of stablecoins would be “multices”, with stable assets extending beyond the dominant American dollar.
Growth beyond the US dollar will probably be fueled by “the demand for financial solutions and localized use cases,” said Shroder.
https://www.youtube.com/watch?v=fdpmjhtq5am
In relation: “ We are optimistic on Stablecoins ” said the new generation – Coinbase Ventures Head
