Bankless The Stablecoin Chain Wars: Codex’s Bet on On-Chain FX | Cofounder Haonan Li
67 snips
Nov 6, 2025 Haonan Li, Co-founder and CEO of Codex, shares insights on the evolving landscape of stablecoins. He explains how Codex is tackling fiat-to-stablecoin friction and why on-chain FX could drive global flows. The conversation dives into the differences between stablecoin chains, the importance of neutrality, and Codex's strategic choice to operate as an Ethereum layer-2. Li also highlights the significance of reducing transaction frictions and the need for app-specific rollups to enhance Ethereum's value.
AI Snips
Chapters
Transcript
Episode notes
The Bear-Chain Incentive Trap
- Token-incentive driven 'bear chain' growth often creates mercenary liquidity that dumps tokens and collapses value.
- Copying generic DeFi apps plus token emissions rarely produces durable differentiated ecosystems.
Neutrality Is Commercial Credibility
- Neutrality means commercial credibility: competitors must feel safe building on your chain.
- If an issuer or fintech would never bet their business on your infrastructure, you lack practical neutrality.
Delete The Fiat–Crypto Border
- Focus on eliminating fiat-to-stable friction instead of obsessing over marginal on-chain throughput.
- Build plumbing that makes minting/redeeming stablecoins instant, cheap, and borderless for customers.