Codex Seeks to Defend Ethereum from Centralized Stablechain ‘Attack’
Stablecoins have emerged as crypto’s undeniable killer app in 2025, driving a wave of institutional adoption. Yet, Codex founder Haonan Li is determined to ensure Ethereum remains the foundational home for this financial revolution.While Ethereum currently leads the stablecoin race with a commanding $153 billion market cap, followed by Tron's $81 billion, new challengers are on the horizon. Projects like Plasma, Stable, Arc, and Tempo are all vying for a piece of the pie, which has the Ethereum community watching closely.The announcement of Tempo, a Layer 1 stablecoin blockchain developed by Stripe and Paradigm, has caused particular concern. For many in the community, it feels like a strategic attack.The fact that Paradigm also funded Etherealize, an Ethereum-focused institutional arm, before building a competing chain has raised eyebrows. It highlights the ongoing tension between Ethereum's decentralized ethos and the lure of creating tailored, centralized solutions for institutions. The battle for the soul of decentralized finance is heating up, and the community is ready to defend its ground.
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