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[Stable KM @stablekm]

We're gonna win so much, you may even get tired of winning. And you'll say, “Please, please, it's too much winning. We can't take it anymore”

[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.

[Codex @CodexFX]

Brazil.

Experience Codex FX today with wholesale rates, near-instant settlement, and 24/7 availability.

🇧🇷 BRL ⇔ USDC/USDT

Pague bonito.

[Haonan @haonan]

Codex FX is live

five years ago, I moved into a hacker house in LA to work on scaling with vitalik

It became clear to me by ’22 that we all had our heads in the sand

we didn’t need more or fancier blockspace, we needed to make moving between a unit of fiat and stables truly frictionless

we spent the last two years obsessing over this problem. Codex FX is the product of years of blood and sweat

Codex FX deletes the border between fiat and crypto. wholesale rates. sub 30-minute settlement. 24/7. emerging and frontier currencies that legacy providers can’t handle

fiat to stables, stables to fiat, stables to stables

anything to anything

book a demo with us to learn how we can help your PSP, fintech, or business make more money

[Codex @CodexFX]

Introducing Codex FX.

The new standard for moving between fiat and stablecoins.

Anything to anything.

[Codex @CodexFX]

We now live here: @CodexFX.

Stay tuned.

[Ash @ashxyz]

https://t.co/LpCx5w7NFq

[Stable KM @stablekm]

we need more non usd stables fr

[Stable KM @stablekm]

@ashxyz @codexfx welcome aboard ser!

[Stable KM @stablekm]

gm, can i take your order?

[Joseph (eu/acc) @ImmutableLawyer]

If you're using a on-chain centralised product but accepting liability caps & terms of a True DeFi product, you are quite retarded.

So, let's take a look at this real quick. Firstly (and to reiterate), this isn't a DeFi protocol. We have to stop calling this DeFi. This is on-chain CeFi.

For a CeFi Product, this is what users have accepted via the ToS:

Against Stream → arbitration ($100 cap).

Against Operator → identify Operator entity (if any), sue in its jurisdiction. Stream not a party; no joint liability.

Insurance → none disclosed.

Now, assuming that Stream operates via a BVI Entity, I would be willing to argue that this is 95% to be classified as a Virtual Asset Service Provider as per the BVI VASP Act. This is an entirely centralised protocol at the end of the day that is the equivalent of a non-discretionary, third-party-managed separately managed account (SMA) offered through an introducing broker-dealer’s digital platform (Stream), where the client retains beneficial ownership and custody of assets via a qualified custodian, but delegates all investment discretion to an unaffiliated sub-advisor (the “Operator” in this case).

Now, Stream argues that it doesn't custody user funds at any point - however, if I were a gambling man, I would gamble that they have admin/ownership key functionality over the vaults (treated as custody in many jurisdictions).

That's it - that's my brain dump - thankyou and I hope users become whole - stop accepting terms (which are binding and contractual) that rug you.

[Stable KM @stablekm]

@codexfx @ethereum gm

[Codex @CodexFX]

Our co-founder & CEO @haonan sat down with @RemyBlaireNews on @FintechTvGlobal right on the floor of the @NYSE.

No better place to talk about stablecoins and the future of money 👇🏻

[Stable KM @stablekm]

If you’re a super cracked trader with fx exp + have interest in stables drop me a dm

[Momo Ong @momoeureka]

At @codexfx, we're hiring again!

(a) OTC Trader with crypto + FX experience
(b) Lawyer with experience with payments and crypto.

We have been on fire recently, we are growing 4x month/month, and our talent density is off the charts. Ex. Palantir, Coinbase, Meta, Optimism.

If you are interested in working at the intersection of stablecoins and payments, there is no better place.

More info below 👇

Counsel JD: https://t.co/KJ5DdjXZIC

Trader JD: https://t.co/vMztmP5m99

My email: momo[at]codex[dot]xyz

[Stable KM @stablekm]

All USD stablecoins are equal, but some are more equal than others

[Stable KM @stablekm]

If you’re in Singapore for Token2049 here’s how to order coffee like a local

Kopi: coffee + condensed milk
Kopi-O: black, sugar
Kopi-C: evaporated milk + sugar
Kosong: no sugar
Peng: iced
Gao: stronger
Siu dai: less sugar

[Codex @CodexFX]

The real stablecoin conversations won’t be on stage at Token2049, they’ll be here👉🏻 https://t.co/f84bEWV5lG

Food, drinks, and one of Singapore’s most stylish venues, with builders, investors, and leaders shaping the future of payments and FX.

Oct 1, 7:30PM 🇸🇬

[Haseeb ＞|＜ @hosseeb]

Codex seeing some crazy growth. Watch the flows—that's where the signal is for payment chains.

[Stable KM @stablekm]

@jevgenijs @codexfx Just in time for Token2049 next week. Excited!

[Rob Hadick ＞|＜ @HadickM]

People are going to be surprised what they learn as Codex starts to become more public