Codex to build stablecoin-only blockchain, disavowing ‘general-purpose’ chains — Report

The $230-billion stablecoin market is getting more builders, with Codex set to launch a layer-2 chain on Optimism.

Blockchain startup Codex has raised $15.8 million to build a layer-2 network specifically for stablecoins, signaling that more builders are rushing to capitalize on the growing industry and regulatory alignment around fiat-backed stable assets. 

The seed round was led by Dragonfly Capital, with additional participation from Coinbase, Circle, Cumberland Labs, Wintermute Ventures and others, Codex told Fortune.

The funding will be used to help Codex build its stablecoin-only platform from the ground up, said co-founder and CEO Haonan Li.

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