Codex

Introducing Codex FX. The new standard for moving between fiat and stablecoins. Anything to anything.

Mufasa: "Everything the light touches is our kingdom." Simba: "What about those shadowy places?" Mufasa: "No one knows what happens there, Simba. Not even the banks." Simba: "Then where's the money?" Mufasa: "In transit." Codex is bringing the shadowy places into the light.

Codex FX is heading to Stablecoin Conference 2026 by @Bitso. 📆 June 15–16 📍 Mexico City Latin America is one of the fastest-growing and most innovative stablecoin markets in the world. We're excited to meet the key players driving the momentum.

Stablecoins are evolving from trading assets to cross-border payments infrastructure. Most volume runs through two assets: USDC and USDT. For PSPs and fintechs, the question is rarely “which is better?”. In practice, many need both. Learn more below. codex.xyz/blogs/usdc-vs-…

Why pay retail spread to move money at institutional scale? Codex quotes USDC, USDT, USD, and local fiat at wholesales rates with deep liquidity and near-instant settlement. • 24/7/365 • Onboard in days • No hidden fees Book a call. Price your flow. codex.xyz

Nigeria is one of the world’s most important stablecoin markets. The country moved ~$92B in onchain value between mid-2024 and mid-2025, with most of it driven by dollar demand in a naira-volatile economy. Domestic payments in Nigeria are fast already. But cross-border payments still depend on slow banking rails, limited FX access, and expensive settlement. Stablecoin-powered FX settlement helps bridge that gap by connecting local payment rails to always-on dollar liquidity. Learn more below. codex.xyz/blogs/stableco…

Watch the full podcast with Darrell Duffie and @Haonan below. YouTube: youtu.be/yshZ--HMzB4 Spotify: open.spotify.com/episode/7E02mQ… Apple: podcasts.apple.com/us/podcast/the…

The "stablecoin sandwich" sounds simple. 1️⃣ Fiat in. 2️⃣ Stablecoins across borders. 3️⃣ Fiat out. However, once you factor in swap and ramp costs, many corridors stop making sense. Codex FX is built to compress those costs.

@Upmee_cryp Thank you!

@CodexFX Behind a solid team, it is not surprising to see the rapid development of this project. I hope it continues to grow and remains solid in building.

Today, Codex FX hit a new all-time high in daily volume. The market for global stablecoin and fiat movement is accelerating. More of that flow is moving through Codex. Want to be part of the growth and reduce your swap or ramp costs? 👇 codex.xyz

FX is the biggest market on earth. Nearly $10 trillion trades every day, yet most of it still moves on rails built decades ago. @Haonan is speaking at @ETHConf in New York on what breaks in legacy FX and how onchain FX fixes it. See you there.

@ethconf @haonan 👀

🌟 NEW ETHConf speaker announced: @haonan, CEO of @CodexFX Co-founded Codex, the stablecoin-powered FX infrastructure for businesses moving money across borders. Previously led protocol economics at Optimism, including Retroactive Public Goods Funding. June 8–10, NYC. 🗽

PSPs and fintechs moving large volumes in stablecoin and fiat swaps are often overpaying. USDC⇔USDT USDC⇔USD USDT⇔USD Codex FX offers wholesale rates, 24/7, with sub-30-minute settlement. Get in touch and share your current pricing. We'll do better. codex.xyz

Cross-border payments move over $190T every year. Yet the rails underneath still run on correspondent banks, office hours, trapped capital, and settlement windows that take 1–5 business days. Stablecoins solve the middle leg, but PSPs and fintechs still need FX, liquidity, compliance, on/off-ramps, and local payout rails. That’s stablecoin FX infrastructure. Fiat in. Stablecoin settlement in the middle. Fiat out. Learn more below. codex.xyz/blogs/what-is-…

We're heading to @Money2020 Europe. 📆 June 2–4 📍 Amsterdam Are you a fintech, PSP, or neobank moving between stablecoins and fiat? Codex FX gives you 24/7 USDC, USDT, and fiat settlement in under 30 minutes at institutional volumes. DM to book a physical meeting.

We recently set a rule at @CodexFX: when a client wants to trade, we respond within 10 minutes. 5 minutes is ideal. It's the standard our trading desk operates on. The logic is simple. When a PSP asks for a price, there's an end customer waiting on settlement. A 30-minute response at our level becomes hours for them. We built ops coverage across Singapore, London, and US time zones before we pitched it. A quote at 11 PM in one geography gets acknowledged within minutes by someone awake in another. The real test is what happens Sunday night when settlement is needed before Monday morning. If your venue is taking longer than 10 minutes to acknowledge a quote during your business day, everything else is going to be slower than you need.

Darrell Duffie of Stanford is famous for being the world’s foremost scholar of financial market plumbing. Few will know that he was also a director of The Narrow Bank (TNB), the bank the Fed quietly strangled for the crime of being too safe. In this episode we cover: Why did TNB die? What are the parallels to the state of stablecoins today, if any? Do stablecoins actually threaten bank deposits? What does a Treasury security purpose-built for on-chain settlement look like? What tokenized assets should serve as the backbone of financial system of the future? Darrell’s Brookings paper with Don Wilson and TNB’s regulatory comment letter on Regulation D are both worth reading alongside this episode. • 00:00 – Intro • 01:07 – The Bank That Couldn’t Fail • 03:53 – Will Stablecoins Kill Lending? • 07:54 – Private Credit’s Run Problem • 11:14 – Too Safe to Exist • 18:31 – Why USDC Can’t Run Wall Street • 25:21 – The Narrow Bank Returns • 28:22 – If Duffie Ran Global Finance • 31:25 – The Stablecoin Sandwich Problem • 34:20 – The End of CLS? • 40:31 – Nubank vs. JPMorgan Brought to you by Codex, the stablecoin foreign exchange specialist.

Crypto payment card issuers face a daily settlement reality. Their customers transact in stablecoins, but Visa and Mastercard require USD. The off-ramp between them can be slow and expensive. Codex FX converts USDT and USDC to USD in under 30 minutes, 24/7, at wholesale rates. For businesses issuing cards at scale. codex.xyz

more than 70% of fiat inflows into major USD-pegged stablecoins now come from non-USD currencies global demand for dollar exposure is flowing through stablecoins codex.xyz makes those conversions instant and cheap at wholesale rates

if you run a crypto PSP, you know this pain: customer deposits USDT, your payout partner only accepts USDC you're stuck doing the swap somewhere, paying spread + fees + slippage codex.xyz does USDT/USDC at institutional rates with 24/7 settlement