Just chatted with a major PSP. 1/3 of their client base are asking for stablecoins. Insane.

Kudos to Visa for pushing stables adoption. But card offramp costs are still too high today, especially into non usd fiats and long tail stables don’t have the distribution since the market is dominated by USDT/C. @codex_pbc is solving this by providing cheap and risk free on chain fx!

Everyone starts at the top Only those with distribution make it to the bottom

Snowflake CEO Frank Slootman telling the hard truths.

The flippening, first used in 2017, referred to ETH overtaking BTC in market cap. That never happened. The real flippening will be when stablecoin rails process more volume than traditional systems, and when most payments flows no longer start or end in fiat. At @codex_pbc we're building toward that future.

In addition to USDC native on @codex_pbc, we are also launching Codex Avenue, our swap product. If you're a fintech, PSP, or ramp, DM me for: - USD stable <> USD stable - Non USD stable <> USD stable - fiat <> stable (including FX) Why are we special? - Instant settlement - High quality APIs - Competitive pricing - Institutional grade liquidity.

Codex launching with native @USDC and CCTP v2 is one of the more thoughtful stablecoin integrations I’ve seen. The team is making a bet on the dollar as programmable infrastructure for global business. Here’s what stands out to me: 1) Built for institutions from Day 0: @codex_pbc is EVM-native and API-first. It's infra designed for B2B finance at scale, not a retail-first chain trying to attract enterprises later. 2) USDC deeply integrated: Mint, redeem, and move USDC across chains via @circle Mint and CCTP v2. Codex has no third-party bridges, no wrappers, no unnecessary risk layers. 3) @FireblocksHQ & Circle support live: Institutional users can custody, mint, and settle without touching a blockchain wallet. That’s real usability for CFOs, not just crypto natives. 4) Strong focus on composability: With native USDC and permissionless smart contracts, Codex unlocks a real stablecoin money market. Imagine invoice factoring, payroll, FX: automated and trust-minimized. How I see it: The industry is moving from “DeFi for retail” to stablecoin-native infrastructure powering global financial flows. Codex is positioning itself as the chain where that happens primarily because such positioning will make them reliable, and built for scale. This is what it looks like when dollars go fully digital and programmable. Congrats to Codex 🔥

Druckenmiller on Soros' "invest first, investigate later" philosophy

I still believe $ENA is undervalued based on the insane growth we are going to see in stablecoins over the coming years. Converge in particular will be a big catalyst. Ethena also does much better when rates come down, which they will soon enough, as opposed to CRCL.

This is a correct point, but we find that: 1. The vast majority of fintechs are 1-2 layers away from the FX interbank. There are large cost of capital and overhead costs to participate directly. Not everyone also has the prescience / skillset or now, scale, to run an internal FX desk like you do :) 2. Offramping EUR stable is currently at 0 bps subsidized, probably ~single bps cost right now, and trending towards 0 3. Our fintech and b2b customers prefer the technological robustness of crypto rails vs trad rails, and the simplicity of flows with instant on-chain fx settlement What do you think about my points?