Codex becomes the youngest public chain in cryptocurrency history to support native USDC minting.

Recently, the blockchain platform Codex, focused on stablecoins, announced the official launch of the USDC native minting feature on its network. This move makes Codex the fastest emerging public chain to implement USDC in the history of cryptocurrency.

It is worth mentioning that Codex completed a $15.8 million seed round financing in April this year, attracting investments from several well-known institutions. A partner from one of the major investors revealed that they invested approximately $14 million in this round of financing.

Reasons for Early Support of Codex

Traditional blockchain infrastructure has limitations in promoting the development of stablecoins, mainly because they often fail to meet a key characteristic of an ideal currency: uniformity. Ideally, currency should remain uniform, regardless of its form, storage location, or issuing entity, its value should remain consistent.

However, the reality is not that simple:

• In Indonesia, 1 dollar stablecoin is not equivalent to 1 dollar in the bank account.
• In Indonesia's deposit and withdrawal channels, the actual value of a 1 USD stablecoin often does not equal 1 USD.
• 1 US dollar stablecoin is not fully equivalent to the corresponding amount of Indonesian Rupiah stablecoin ( IDRT ).
• 1 US dollar stablecoin is not absolutely equivalent to the corresponding amount of Indonesian Rupiah in a local bank account in Indonesia.

The reasons for these differences include:

• Different stablecoin issuances from various deposit and withdrawal channels face different compliance and custody risks, and blockchain technology itself cannot eliminate these differences.
• When stablecoins are transferred between different channels, they may encounter issues such as delays, information request failures, or losses, and the chain structure cannot effectively reduce this transmission friction.
• Converting cryptocurrency to local fiat currency often incurs high fees, and the current on-chain ecosystem has not yet provided a coordinated solution.
• The on-chain foreign exchange trading volume is insufficient, quotes are unstable, and the price spread is too large, while the entire on-chain ecosystem has yet to effectively address these issues.

If the banking channels cannot effectively "interoperate," then the minting and burning transaction speeds with the issuer will be as slow as traditional cross-border payment systems. Currently, the investment in fiat currency infrastructure within the blockchain ecosystem remains insufficient.

Due to the lack of an on-chain ecosystem that fundamentally addresses these issues, stablecoin issuers often need to spend years obtaining various licenses, opening bank accounts, establishing costly partnerships with market makers, listing on exchanges, and setting up deposit and withdrawal channels.

Recently, there have been reports that some large retail giants are considering issuing their own stablecoins. However, they will soon discover why existing stablecoin issuers require such a large team size.

These cumbersome, repetitive, and redundant tasks are challenges that every new stablecoin issuer must face. Why can't these issues be resolved at the blockchain ecosystem level, allowing each issuer to avoid repeating these tasks?

The reason is that these issues are mostly concentrated at the intersection of fiat currency and cryptocurrency. Traditional blockchain development teams usually do not pay much attention to these boundary issues; they lack both interest and the expertise to address them.

Codex is a blockchain platform dedicated to solving these issues. It is actively acquiring various licenses, opening bank accounts, accessing fiat exchange services, and applying the latest blockchain research results to achieve the following goals:

• T+0 wholesale foreign exchange trading
• Zero-friction atomic-level export channel
• Risk-free fiat settlement

T+0 wholesale foreign exchange (private testing phase)

Codex is developing an on-chain trading platform for institutional clients, aiming to provide instant settlement and exchange services between various fiat currencies and stablecoins, executing trades at wholesale prices.

• Exchange between USD and USD stablecoins: Instant completion, at a 1:1 or close to 1:1 exchange rate, supports large transactions.
• Swap between USD and non-USD stablecoins: provide instant wholesale exchange rate pricing
• Exchange between fiat currency and stablecoins: Achieving parity or low-cost exchanges in multiple countries and regions.

Atomic-level Withdrawal Channel (planned for launch in Q4 2025)

Currently, compliance reviews mainly occur off-chain, lacking atomicity, which may lead to issues such as account freezing and funds being unable to be withdrawn.

The Codex plan enforces compliance checks during the execution of transactions, rather than executing them afterwards. Transactions that fail the compliance checks at the deposit and withdrawal channels will be automatically rolled back. This means that users' stablecoins will not be held up in the deposit and withdrawal channels due to compliance issues.

Risk-free fiat currency redemption (scheduled for launch in Q4 2025)

In many emerging market regions, withdrawal channels often suffer from issues such as unreliability, inefficiency, or fraud. The Codex platform plans to adopt a validator set mechanism composed of various participating channels, relying on native penalty rules to ensure that validators are held accountable.

This means that users will be able to ensure that off-chain transactions can be executed securely and quickly with unprecedented security guarantees.

Based on these innovative solutions, Codex is expected to become an important platform for the future development of stablecoins.