Remy Blaire welcomes Haonan Li, co-founder and CEO of Codex, a global blockchain startup focused exclusively on stablecoins to discuss Codex’s mission to enhance cross-border payments by concentrating on stablecoins, which have gained significant legitimacy and regulatory support in the U.S. market.
Haonan explains that the company is not only expanding in North America and Europe but is also targeting Africa, where the local financial infrastructure presents unique challenges. He emphasizes that stablecoins are particularly well-suited for frontier markets, where traditional financial systems are lacking.
They delve into the critical issue of the fiat-to-crypto boundary, with Haonan highlighting the inefficiencies in foreign exchange (FX) transactions. Codex aims to create a more liquid on-chain FX stablecoin facility to address these challenges.
While privacy is a topic of interest, Haonan notes that it is not currently a top priority for users compared to other pressing issues. He points out that the focus should be on making stablecoin systems more accessible and useful to a broader audience by reducing time and cost frictions.
As they discuss the competitive landscape, Haonan shares insights on the potential for both dominant stablecoin chains and individual stablecoins to emerge, emphasizing the importance of distribution and economic viability in this space. Finally, they touch on the future of non-dollar stablecoins, with Haonan expressing optimism about their growth and the potential for global commerce to evolve beyond reliance on the U.S. dollar.