Codex Goes Live With Native USDC
NEW YORK – June 24, 2025 – We are thrilled to announce today that USDC native mint has gone live on Codex. Codex is the youngest chain to secure this in crypto history.
Why has Circle committed to Codex so early?
Legacy blockchain infrastructure is throttling the growth of stablecoins because they routinely break one crucial characteristic of ideal money: singleness.
The ideal money is single. Regardless of what form it's in, or where it’s kept, or who issued it, it's worth the same.
Yet:
- 1 USD stable is not equal to 1 USD in a Indonesian bank account
- 1 USD stable is not equal to 1 USD in an Indonesian on/off ramp
- 1 USD stable is not equal to the "correct" amount of IDRT (rupiah stablecoin)
- 1 USD stable is certainly not equal to the "correct" amount of fiat rupiah in a local bank account
This is because:
- stables sitting in different ramps have different compliance and custody risk profiles, and chains don't compensate for this variance
- stables passing through different ramps have different probability of getting stuck, RFI’d, or lost, and chains do nothing to mitigate this friction
- stables being converted into local fiat typically happen at extortionate prices, and chain ecosystems offer no coherent solution
- on-chain FX has no volume, broken price oracles, and high spreads, and chain ecosystems have made no concerted attempt to fix this
- if the banking rails don’t “line up”, mint/ burn transactions with the issuer move at the speed of SWIFT. Chain ecosystems under invest in fiat infrastructure to solve this
Because no chain ecosystem natively solves these problems, issuers spend years getting licenses, opening bank accounts, doing expensive deals with market makers and exchanges and on / off ramps.
Just this weekend the WSJ reported that Walmart and Amazon are exploring issuing their own stablecoins. They are about to discover why Circle has 1,100 employees.
This is painful, redundant, repetitive work that every new issuer will have to do. Why not do it at the chain ecosystem level, so each issuer doesn't have to do this themselves?
The reason is because the majority of these problems are at the fiat <> crypto boundary. Blockchain teams historically have not focused on these boundary problems, they typically do not have the interest or expertise to solve these problems.
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Codex is the only blockchain working on solving these problems. We are acquiring licenses, opening bank accounts, partnering with ramps, and applying the latest blockchain research to enable:
- T+0 Wholesale FX
- Zero friction atomic off ramp
- Risk-free fiat delivery
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T+0 Wholesale FX (Private Alpha)
- Codex Avenue, an institutional-grade on-chain swap venue, provides instant settlement across any fiat / stablecoin pair at wholesale prices.
- USD <> USD stablecoin swaps: Instant, 1:1 or very close to 1:1, large size.
- USD <> non USD stablecoin swaps, Instant, wholesale FX pricing.
- Fiat <> Stable: at par, or cheaply, in 10s of geographies.
Atomic off ramps (Q4 2025)
- Status quo compliance checks are off-chain, lack atomicity and result in frozen accounts and inaccessible funds.
- Codex enforces compliance as part of transaction execution, not after. Transactions that fail the ramp’s compliance checks revert. This means users’ stablecoins are never stuck in a ramp because of compliance problems.
Risk-free fiat delivery (Q4 2025)
- Across much of the emerging world, off-ramps are unreliable, slow or fraudulent. Codex uses a validator set composed of participating ramps. These validators are held accountable with native slashing rules.
- This means users enjoy unprecedented guarantees that their off-chain transactions will happen safely and quickly.
This is why Codex will be where the stablecoin future will happen.