Dragonfly Capital has led a $15.8 million seed round for Codex, a blockchain developer focused on stablecoins. The round, which included participation from Coinbase Ventures, Circle Ventures, and others, was structured as equity with warrants for Codex's future token. Dragonfly contributed $14 million, according to partner Rob Hadick.

Codex plans to utilize the funds to develop a layer-2 blockchain on Optimism, specifically optimized for stablecoins. This strategic move aligns with the growing interest in stablecoins within the crypto industry. Co-founder Haonan Li emphasizes that their blockchain aims to offer stable fees and enhanced transaction confidentiality, setting it apart in the competitive market.