The financial system works better the closer you are to New York and London. I said this in a recent interview with Seoul Economic Daily. Between emerging economies, the same payment still takes longer and costs more. That gap is where stablecoins matter most. When both currencies exist as stablecoins, they can be exchanged directly. The intermediary banks drop out, and businesses save both time and fees. We talked about Korea too, where card payments already work well. Used only locally, a won stablecoin risks becoming little more than a marketing tool. Its real value is in foreign exchange. It’s the same lesson we learned early at @CodexFX. Customers wanted to convert the money they held into the currencies they needed, across both fiat and stablecoins. Once we built around that, volume grew quickly. In August alone, it topped $1B. Stablecoin FX is only beginning, and the decisions made over the next 5 to 10 years will determine how the financial system works for the next 100. Thanks to Do Ye-ri for a sharp conversation. en.sedaily.com/finance/2026/…

Live on @therollupco. Talking all things Codex and stablecoin FX in general.

$1.2B in monthly volume. A new record that's driven by Codex Par, our most recent product (1:1 swaps between USDT and USDC, with Codex handling the liquidity and fees billed to you separately). Our "Dollar Machine" thesis has kept proving out: we're the fastest, most accessible way to move between US dollars, local currencies, and dollar stablecoins, anywhere in the world. Now with Par live, we're also the most seamless way to move between the two biggest dollar stablecoins onchain. More coming to expand what Codex FX can do as we build toward a complete onchain FX platform for global money flows. Stay tuned!

USDT and USDC now hold more than $250B between them, close to 85% of every dollar onchain. We call both “a dollar,” but they have never quite been the same. A floating spread has always sat between them, turning every conversion into an FX decision. That means payment companies promising a dollar in and a dollar out have had to manage inventory, price risk, and liquidity across both assets. Codex Par removes that complexity. USDT ⇄ USDC at exactly 1:1 via API, in both directions, 24/7. Finally, companies can treat the two dominant onchain dollars as one asset and offer their customers a clean, predictable dollar experience. This is a small primitive with large implications for stablecoin payments.

A billion dollars in monthly volume. Still feels a little surreal to write. Over the past few months, we've grown the team by more than 30%, expanded into new markets, and supported more customers. Reaching this milestone is a reflection of that momentum, and proof that the demand for a better way to move dollars globally is real. When we started Codex in 2024, it began with a simple question: Why should moving money across borders take days and depend on a chain of banks? We believed there had to be a better way. So we built infrastructure that moves value in minutes across fiat and stablecoins, anywhere in the world. The Dollar Machine is the first expression of that vision: The fastest, most accessible way to move between US dollars and dollar stablecoins globally. It has been a major driver of our first $1B month as we build toward a complete onchain FX platform for global money flows. And we're only getting started. Several new products are coming soon that will expand what Codex can do. This is the smallest number we'll ever celebrate.

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.

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

Brazil has one of the largest FX markets among emerging economies yet cross-border BRL has been stuck on legacy infrastructure. pix is incredible domestically, but it's BRL-only the moment you cross borders, everything breaks down and businesses are stuck with slow settlement, bad rates, and banking hours this is where Codex FX earns its place: pix on one side handling BRL settlement, stablecoins on the other handling the dollar leg, with Codex FX connecting them settlement that used to take days now takes minutes at wholesale pricing this is the infrastructure that lets stablecoins move into the real world

OTC desks every $10 million USDT/USDC trade you split across Binance, OKX and Bybit is slippage you don't have to pay we can help you at Codex FX get in touch codex.xyz

a business moving $5M/month in cross-border payments at a 4% FX cost is spending $200k/month on fees or just use Codex FX and pay a fraction of that

most companies moving money between fiat and stablecoins are overpaying by 3–5% and don't even know it Codex FX: under 30 minutes, wholesale rates, 24/7/365

if you're a PSP or fintech moving serious volume between fiat and stablecoins, I want to know what you're paying your current on/off-ramp provider because every time I ask, the number is embarrassing, and we beat it almost every time at Codex FX