Ethereum's New Stablecoin Chain with Haonan Li
The Rollup5 Des 2025

Ethereum's New Stablecoin Chain with Haonan Li

Ethereum's neutral infrastructure for all stablecoins is here.

In this episode of Stabled Up, Hoanan Li, co-founder and CEO of Codex, shares how they're building Ethereum's dedicated infrastructure for stablecoins and why they chose to build on Ethereum rather than launch their own L1.

From attacking the $7.5 trillion FX market to enabling regional stablecoins without USD intermediaries, Hoanan explains why the "research fetish" problem is holding crypto back and what institutional banking actually needs.


We discuss:

- Why Codex Chose Ethereum Over Building an L1

- The "Research Fetish" Problem in Crypto

- How Codex FX Attacks the $7.5T FX Market

- Regional Stablecoins Without USD Intermediaries

- Banking Licenses & Institutional BD Nobody Wants to Do


Timestamps:

00:00 Intro

00:48 Frax Ad

01:25 Hoanan's Origin Story

02:43 Why Build For All Stablecoins?

04:04 Ethereum's Stablecoin Spec Ops

05:06 Hibachi Ad, Trezor Ad, Yeet Ad

05:39 Avoiding Research Fetish

08:10 The Real Bottleneck: Fiat โ†” Crypto

09:25 Institutional Banking Approach

10:40 Codex FX Product Deep Dive

12:01 Challenging the FX Status Quo

13:08 Reshaping Global Commerce

15:43 Incremental FX Unbundling

16:42 Kalshi Ad, Halliday Ad, InfiniFi Ad

17:15 Q4/Q1 Roadmap & TNF Product


Website: https://therollup.co/

Spotify: https://open.spotify.com/show/1P6ZeYd...

Podcast: https://therollup.co/category/podcast

Follow us on X: https://www.x.com/therollupco

Follow Rob on X: https://www.x.com/robbie_rollup

Follow Andy on X: https://www.x.com/ayyyeandy

Join our TG group: https://t.me/+TsM1CRpWFgk1NGZh

The Rollup Disclosures: https://therollup.co/the-rollup-discl


๐——๐—œ๐—ฆ๐—–๐—Ÿ๐—”๐—œ๐— ๐—˜๐—ฅ: ๐˜๐˜ฏ๐˜ท๐˜ฆ๐˜ด๐˜ต๐˜ช๐˜ฏ๐˜จ ๐˜ช๐˜ฏ ๐˜ค๐˜ณ๐˜บ๐˜ฑ๐˜ต๐˜ฐ๐˜ค๐˜ถ๐˜ณ๐˜ณ๐˜ฆ๐˜ฏ๐˜ค๐˜บ ๐˜ข๐˜ฏ๐˜ฅ ๐˜‹๐˜ฆ๐˜๐˜ช ๐˜ฑ๐˜ญ๐˜ข๐˜ต๐˜ง๐˜ฐ๐˜ณ๐˜ฎ๐˜ด ๐˜ค๐˜ฐ๐˜ฎ๐˜ฆ๐˜ด ๐˜ธ๐˜ช๐˜ต๐˜ฉ ๐˜ช๐˜ฏ๐˜ฉ๐˜ฆ๐˜ณ๐˜ฆ๐˜ฏ๐˜ต ๐˜ณ๐˜ช๐˜ด๐˜ฌ๐˜ด ๐˜ช๐˜ฏ๐˜ค๐˜ญ๐˜ถ๐˜ฅ๐˜ช๐˜ฏ๐˜จ ๐˜ต๐˜ฆ๐˜ค๐˜ฉ๐˜ฏ๐˜ช๐˜ค๐˜ข๐˜ญ ๐˜ณ๐˜ช๐˜ด๐˜ฌ, ๐˜ฉ๐˜ถ๐˜ฎ๐˜ข๐˜ฏ ๐˜ฆ๐˜ณ๐˜ณ๐˜ฐ๐˜ณ, ๐˜ฑ๐˜ญ๐˜ข๐˜ต๐˜ง๐˜ฐ๐˜ณ๐˜ฎ ๐˜ง๐˜ข๐˜ช๐˜ญ๐˜ถ๐˜ณ๐˜ฆ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ฎ๐˜ฐ๐˜ณ๐˜ฆ. ๐˜ˆ๐˜ต ๐˜ค๐˜ฆ๐˜ณ๐˜ต๐˜ข๐˜ช๐˜ฏ ๐˜ฑ๐˜ฐ๐˜ช๐˜ฏ๐˜ต๐˜ด ๐˜ต๐˜ฉ๐˜ณ๐˜ฐ๐˜ถ๐˜จ๐˜ฉ๐˜ฐ๐˜ถ๐˜ต ๐˜ต๐˜ฉ๐˜ช๐˜ด ๐˜ค๐˜ฉ๐˜ข๐˜ฏ๐˜ฏ๐˜ฆ๐˜ญ, ๐˜ธ๐˜ฆ ๐˜ฎ๐˜ข๐˜บ ๐˜ฆ๐˜ข๐˜ณ๐˜ฏ ๐˜ข ๐˜ค๐˜ฐ๐˜ฎ๐˜ฎ๐˜ช๐˜ด๐˜ด๐˜ช๐˜ฐ๐˜ฏ ๐˜ฐ๐˜ณ ๐˜ง๐˜ฆ๐˜ฆ ๐˜ข๐˜ด ๐˜ข ๐˜ด๐˜ฑ๐˜ฐ๐˜ฏ๐˜ด๐˜ฐ๐˜ณ๐˜ด๐˜ฉ๐˜ช๐˜ฑ, ๐˜ช๐˜ง ๐˜ต๐˜ฉ๐˜ช๐˜ด ๐˜ช๐˜ด ๐˜ต๐˜ฉ๐˜ฆ ๐˜ค๐˜ข๐˜ด๐˜ฆ ๐˜ธ๐˜ฆ ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ข๐˜ญ๐˜ธ๐˜ข๐˜บ๐˜ด ๐˜ฎ๐˜ข๐˜ฌ๐˜ฆ ๐˜ด๐˜ถ๐˜ณ๐˜ฆ ๐˜ช๐˜ต ๐˜ช๐˜ด ๐˜ค๐˜ญ๐˜ฆ๐˜ข๐˜ณ. ๐˜ž๐˜ฆ ๐˜ข๐˜ณ๐˜ฆ ๐˜ด๐˜ต๐˜ณ๐˜ช๐˜ค๐˜ต๐˜ญ๐˜บ ๐˜ข๐˜ฏ ๐˜ฆ๐˜ฅ๐˜ถ๐˜ค๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ข๐˜ญ ๐˜ค๐˜ฐ๐˜ฏ๐˜ต๐˜ฆ๐˜ฏ๐˜ต ๐˜ฑ๐˜ญ๐˜ข๐˜ต๐˜ง๐˜ฐ๐˜ณ๐˜ฎ, ๐˜ฏ๐˜ฐ๐˜ต๐˜ฉ๐˜ช๐˜ฏ๐˜จ ๐˜ธ๐˜ฆ ๐˜ฐ๐˜ง๐˜ง๐˜ฆ๐˜ณ ๐˜ช๐˜ด ๐˜ง๐˜ช๐˜ฏ๐˜ข๐˜ฏ๐˜ค๐˜ช๐˜ข๐˜ญ ๐˜ข๐˜ฅ๐˜ท๐˜ช๐˜ค๐˜ฆ. ๐˜ž๐˜ฆ ๐˜ข๐˜ณ๐˜ฆ ๐˜ฏ๐˜ฐ๐˜ต ๐˜ฑ๐˜ณ๐˜ฐ๐˜ง๐˜ฆ๐˜ด๐˜ด๐˜ช๐˜ฐ๐˜ฏ๐˜ข๐˜ญ๐˜ด ๐˜ฐ๐˜ณ ๐˜ญ๐˜ช๐˜ค๐˜ฆ๐˜ฏ๐˜ด๐˜ฆ๐˜ฅ ๐˜ข๐˜ฅ๐˜ท๐˜ช๐˜ด๐˜ฐ๐˜ณ๐˜ด.

Episoder(599)

Why BitTensor Is the Bitcoin of AI

Why BitTensor Is the Bitcoin of AI

James Ross, Founder of Synth, joins AI Supercycle to break down the BitTensor bull thesis, how subnets are generating real revenue, and more.James Ross is the Founder of Synth, a BitTensor subnet runn...

20 Mar 22min

Is Tokenization Ready for Wall Street? with Adam Minehardt

Is Tokenization Ready for Wall Street? with Adam Minehardt

Adam Minehardt, Chief Legal Officer at Chainlink, joins The Rollup live from DC Blockchain Summit to break down the Clarity Act, stablecoin yield negotiations, and more.As CLO of Chainlink, Adam Mineh...

19 Mar 26min

Teddy Fusaro on Why Wall Street Is Being Replaced by Crypto

Teddy Fusaro on Why Wall Street Is Being Replaced by Crypto

Bitwise President Teddy Fusaro breaks down why institutional crypto adoption is just getting started.Teddy Fusaro is President of Bitwise Asset Management, one of the world's leading crypto asset mana...

18 Mar 29min

Yuki Yuminaga on Why Tokenized Assets Are Broken Onchain

Yuki Yuminaga on Why Tokenized Assets Are Broken Onchain

Yuki Yuminaga, co-founder of Tenbin, breaks down exactly what's broken and how to fix it.Yuki Yuminaga is the co-founder of Tenbin, a tokenization protocol bringing precious metals, commodities, and y...

16 Mar 42min

Crossmint Founder Exposes the Stablecoin vs. Credit Card Truth

Crossmint Founder Exposes the Stablecoin vs. Credit Card Truth

AI is about to automate your entire financial life...Alfonso, co-founder of Crossmint, joins The Rollup to discuss agentic finance, agent-scoped cards, stablecoin infrastructure, and the Western Union...

12 Mar 44min

Vivek Raman on Why Ethereum Wins the Institutional Race

Vivek Raman on Why Ethereum Wins the Institutional Race

Wall Street is choosing Ethereum, and Vivek Raman explains why the institutional flood is already underway, from tokenized assets and stablecoins to DeFi's coming renaissance and ETH repricing as a re...

11 Mar 40min

Eric Saraniecki on Why Institutional Blockchains Will Eat Global Finance

Eric Saraniecki on Why Institutional Blockchains Will Eat Global Finance

The back-end of global finance has finally moved. Canton Network co-founder Eric Saranac joins The Rollup to explain this change.About Eric Saranac: Co-Founder of Digital Asset & Canton Network and ha...

10 Mar 44min

The Great Digital Asset Regime Shift (...And What Comes Next)

The Great Digital Asset Regime Shift (...And What Comes Next)

Our industry is going through a major regime shift.The Rollup kicks off its first episode live from the Empire State Building with a deep dive into tokenization, agentic finance, stablecoins, vaults, ...

10 Mar 1h 3min

Populรฆrt innen Teknologi

lydartikler-fra-aftenposten
romkapsel
smart-forklart
teknisk-sett
energi-og-klima
elektropodden
rss-ki-praten
rss-impressions-2
shifter
nasjonal-sikkerhetsmyndighet-nsm
tomprat-med-gunnar-tjomlid
fornybaren
i-loopen
rss-ai-forklart
teknologi-og-mennesker
rss-for-alarmen-gar
rss-digitaliseringspadden
rss-ki-til-kaffen
hans-petter-og-co
rss-praktisk-proptech