haonan

reports from the stablecoin frontier •

co-founder & ceo @codexfx

• prev: @optimism @wharton @palladiummag

[haonan @haonan]

https://t.co/frvatKuA66

[Codex @CodexFX]

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.

https://t.co/ljov5CFdPj

[haonan @haonan]

@HunterBiden @Samwise_Ganji tell dad!

[Codex @CodexFX]

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? 👇

https://t.co/ljov5CFdPj

[Codex @CodexFX]

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.

[Codex @CodexFX]

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.

https://t.co/ljov5CFdPj

[Momo Ong @momoeureka]

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.

[Codex @CodexFX]

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.

[haonan @haonan]

@binji_x in SF for the week

[haonan @haonan]

@brendanpmalone Thank you!

[haonan @haonan]

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.

[haonan @haonan]

YouTube:
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Spotify:
https://t.co/ORVFdToQOC

Apple:
https://t.co/hs3O3ngc4D

[haonan @haonan]

@laurashin we need more @laurashin moderated debates!!!!

[haonan @haonan]

let's just say we have become even more bullish about our business over time

[haonan @haonan]

https://t.co/jH5rAJd7Sf

[haonan @haonan]

@SalviaUnchained not sure what this has to do with bitcoin?

[haonan @haonan]

@malekanoms hmm... the markets would love airline subscriptions.. not sure the customers would?

[haonan @haonan]

@fastackl question: given the pace at which key research talent change labs and "trade secrets" diffuse

which do you feel is the better analogue for boeing and airbus?

choice 1: the labs
choice 2: nvidia, tsmc, hyperscalars

[haonan @haonan]

@porridgg it's as if after Singapore Airlines buys the new A380s, AirAsia gets to buy their A380 at 1/20 the cost a couple months later

[haonan @haonan]

@porridgg distillation allows a fast follower to catch up to frontier capabilities quickly and for much cheaper

[haonan @haonan]

@blockchainjames not sure they need shitcoin tokens!