The Rollup Ethereum's New Stablecoin Chain with Haonan Li
Dec 5, 2025
Hoanan Li, co-founder and CEO of Codex, dives into building neutral infrastructure for stablecoins on Ethereum. He discusses why Codex opted for an Ethereum layer over launching a new blockchain and critiques the 'research fetish' in crypto. Hoanan explains how Codex FX aims to tackle the $7.5 trillion FX market, enabling local stablecoin swaps without relying on USD intermediaries. He reveals plans to reshape global commerce through on-chain direct swaps and offers insights into Codex's roadmap for community profits.
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Early Cash Envelope Sparked Mission
- Hoanan Li recounts being handed an envelope of cash as a child before traveling to the U.S., which felt unsafe and inefficient.
- That memory motivated his mission to improve how value moves across space and time.
Neutral Platform For All Stablecoins
- Codex positions itself as neutral infrastructure for all stablecoins, not an issuer or PSP.
- Neutrality aims to avoid competing with issuers and attract broad market adoption.
Avoid The Research Fetish Trap
- Hoanan warns against 'research fetish' where teams prioritize novel tech over customers.
- He argues product-market bottlenecks, not extreme performance, should drive priorities.