Blockchain startup Codex has secured $15.8 million to develop a dedicated layer-2 network for stablecoins, emphasizing a departure from the inefficiencies of general-purpose blockchains. The funding round, led by Dragonfly Capital and supported by Coinbase and others, will aid Codex in building a stablecoin-focused platform atop Optimism, an Ethereum layer-2 scaling solution that enhances transaction speed and reduces costs. Codex aims to establish a consistent fee structure that remains stable, regardless of volatile blockchain activities, and plans to collaborate with existing exchanges for users to easily convert on-chain assets to fiat. Co-founder Haonan Li anticipates significant growth in the stablecoin market, noting its expansion of 60 times over the last six years, despite accounting for less than 2% of offshore US dollar deposits. As the total stablecoin market capitalization approaches $230 billion, Codex's initiative reflects a growing confidence and strategic pivot in the industry toward fiat-backed assets that meet real-world demands.

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