Codex Chain: A New Player in the L2

Codex Chain, an Ethereum-based L2 blockchain specifically designed for payments, currency operations, and settlements in stablecoins. The project, which exited stealth mode in April 2025, raised $16 million in a funding round led by Dragonfly Capital, with participation from giants like Coinbase Ventures, Circle Ventures, Wintermute Ventures, and Cumberland Labs. The mainnet launch took place on June 24, 2025, and since then, Codex has positioned itself as "Ethereum's stablecoin chain" - specialized infrastructure for businesses that emphasizes stablecoins as the primary tool for global payments.

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Codex Chain focuses on creating a universal electronic money system, integrating native support for USDC from Circle - making it the youngest blockchain to receive permission for issuing native USDC. Plans include integrating other stablecoins such as USDT and EURC. Key features include Codex Avenue for instant currency exchanges with near 1:1 rates, atomic off-ramps to avoid compliance issues, as well as automated compliance checks. By the end of 2025, tools for risk-free fiat delivery through validators and confidential transactions using zero-knowledge technologies are expected to be implemented.

The project is supported by prominent figures in the industry, including Vitalik Buterin, co-founder of Ethereum, who publicly endorsed Codex as a key element for Ethereum's dominance in the stablecoin space. Codex has already integrated with Elliptic for transaction monitoring, which facilitates integration for regulated financial institutions, and with Tier-1 exchanges for global stablecoin deposits and withdrawals.

Advantages of Codex Chain Compared to Other Projects

Codex Chain stands out with its specialization in stablecoins and business needs, unlike general L2 solutions that are not always optimized for payments and settlements.

Co-Founder @haonan emphasizes: "TPS or delays are not the real barriers to stablecoin adoption - the real problems lie at the fiat-crypto boundary."

Codex addresses this through licenses, payment ramps, and banking partnerships, focusing on compliance, privacy, and institutional needs.

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For comparison with similar projects, here is a table of key advantages:

Aspect	Codex Chain	Base	Optimism	Tron
Specialization	Stablecoins, B2B-payments, FX-exchanges	General DeFi and apps	General L2 for Ethereum	Stablecoins, but L1 with high fees
TPS and Fees	High throughput, predictable low fees	High, but variable fees	High, low fees	High, but centralized
Compliance and Fiat Integration	Built-in checks, atomic off-ramps, Elliptic-monitoring	Basic, via Coinbase	General, without focus on fiat	Weak, regulatory issues
Security	Ethereum L2 (OP Stack), ZK for privacy	Ethereum L2	Ethereum L2	Centralized, vulnerable
Advantages	Native USDC, focus on fiat-crypto boundary, enterprise-grade	Integration with Coinbase, ecosystem	Scalability for general apps	Dominance in USDT, but not Ethereum
Support	Vitalik Buterin, Dragonfly, Circle	Coinbase	Optimism Collective	Justin Sun

Codex outperforms general L2s like Base or Optimism in specialized payments where predictability and compliance are needed, making it "Ethereum's Tron killer." Compared to L1 projects like Tron, Codex benefits from Ethereum's security, avoiding the risks of independent networks, and focuses on on-chain FX for exotic currencies. This makes it ideal for institutional use, where traditional barriers hinder mass adoption of stablecoins.

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