The Rollup How Codex is Taking Over The $7 Trillion FX Market with Haonan Li
Feb 3, 2026
Haonan Li, founder and CEO of Codex and builder in stablecoin FX, explains bringing on-chain rails to cut FX costs and latency. He discusses why developing-market corridors matter, how crypto flattens traditional FX hierarchies, the Griffin company blend of crypto and TradFi, and regional stablecoins as FX rails rather than mere payment tokens.
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On-Chain FX Removes Settlement Hierarchies
- Codex is built as a dedicated stablecoin FX chain to make currency conversions cheap, instant, and always on.
- Haonan Li argues moving FX on-chain removes settlement hierarchies and flattens costs, unlocking stablecoin growth.
Use Real Fees, Not Ponzi Token Incentives
- Build on-chain liquidity pools anyone can stake into so customer fees, not opaque token schemes, fund returns.
- Focus incentives on real FX fee revenue rather than vanity metrics or Ponzi-style token emissions.
Emerging Markets Offer Biggest FX Edge
- High-value opportunities exist where one leg is an emerging-market currency because inefficiencies there are extreme.
- Haonan Li expects Codex to be especially competitive in developing-market corridors rather than dollar-euro pairs.