Foresight Ventures’s Alice Li On Codex And The Future Of Stablecoin Infrastructure: Scaling, Compliance, And The Path To Global Payments

In Brief

Codex, an Ethereum L2 stablecoin platform, aims to advance scalable, compliant, and interoperable digital payments, but widespread global adoption will depend on regulatory alignment and commercial execution.

The development of money and digital payment systems has historically been shaped by traditional financial institutions. Despite long-standing opportunities to enhance the payment infrastructure, transactions often remain slow, expensive, and lacking in transparency

In recent years, the rise of stablecoins, particularly those operating on Ethereum Layer 2 protocols, has begun to alter this landscape. Alice Li, Partner at Foresight Ventures notes that a notable advancement in stablecoin technology is associated with Codex, a platform connected to Ethereum. While this platform aims to optimize stablecoin functionality, it remains uncertain whether its efforts will transform global payments entirely or serve as one component within a broader system.

Tether led early developments in stablecoins and has maintained a strong presence for the past ten years. Although numerous projects are now creating new frameworks to support a range of tokens, the reality is that stablecoin infrastructure by itself does not ensure success

The viability of the stablecoin ecosystem depends heavily on commercial execution, which serves as a critical test for any digital-dollar protocol. In practical business terms, this determines whether a project can achieve fast and sustainable growth. Alongside commercial performance, regulatory compliance provides a necessary balance, assessing both scalability and long-term resilience, distinguishing genuine potential from mere hype

Stablecoins, due to their flexibility, are among the few blockchain innovations capable of meeting these standards. As fiat-pegged digital assets, they are widely regarded as one of the most promising opportunities in digital finance. Their programmability, cross-border accessibility, and appeal to institutional players contribute to their strategic significance for commercial enterprises.

Codex In Context: Ethereum Layer 2 As A Strategic Launchpad

Many projects have sought to transform the stablecoin landscape, but the introduction of Codex, despite its technological advancements, does not offer a complete solution. Global payment demand extends beyond technical improvements alone. Stakeholders in the ecosystem expect payments to function in a trustless environment, maintain regulatory compliance, and integrate seamlessly with existing financial infrastructure

This platform, supported by Vitalik Buterin, aims to address not only transaction throughput but also regulatory constraints, complementing its capacity to interface with traditional finance. As part of the decentralized finance (DeFi) and payments ecosystem, Ethereum remains a dominant platform, providing a natural liquidity foundation

It tackles Ethereum-related challenges for stablecoins, including payment scalability, composability, and cost efficiency. While new blockchain solutions typically involve trade-offs, it introduces an advantage through functional interoperability and developer incentives. However, despite its readiness to contribute to the stablecoin sector, the question remains whether solutions like Codex can reshape global payment systems.

Building The Backbone Of Digital Finance: Scalable And Compliant Stablecoin Infrastructure

Foresight Ventures focuses on supporting the development of financial infrastructure that balances scalability with regulatory compliance. Strategically positioned between East and West, the firm emphasizes the role of stablecoin payments in connecting global markets

According to Foresight Ventures, Codex is recognized as one of the few stablecoin platforms addressing scalability, liquidity, and compliance within a unified framework. Unlike projects primarily aimed at retail users, it seeks to promote institutional adoption and foster collaboration across ecosystems, both of which are essential for the advancement of digital asset infrastructure

From the beginning, Foresight Ventures has actively invested in the stablecoin sector, supporting promising projects at an early stage. Its portfolio includes Noble, a USDC issuance platform backed by Circle, and Agora, the issuer of the AUSD stablecoin, which works with major Wall Street institutions like VanEck to manage the reserve assets supporting AUSD

These partnerships strengthen transparency and reliability while reflecting expertise in traditional finance. Circle, through efforts such as the Circle Payment Network, continues to enhance the connection between fiat and digital assets, while Noble provides the infrastructure necessary to ensure USDC’s compliance, operational efficiency, and interoperability.

The Regulatory Lens: Building To Last

It is common for stablecoin-related organizations to face challenges with regulatory compliance, as countries implement strict rules to protect the value of their fiat currencies. Long-term success in the payments sector will likely come to those who approach regulators as collaborators rather than opponents. By embracing regulation, developers can create systems that are transparent, auditable, and compatible with existing legal frameworks. Compliance has become a critical requirement for advancing stablecoins, as highlighted by Foresight Ventures. Therefore, the focus on Know-Your-Customer (KYC) protocols and anti-money laundering (AML) adherence reflects a strategic approach, recognizing that technical robustness alone is insufficient without regulatory alignment.

The deployment of projects like Codex as an Ethereum Layer 2 chain indicates a maturation of infrastructure for global payments. However, improving these systems is a long-term process, requiring sustained development over several years. Regulatory initiatives, such as the United States’ GENIUS Act and the European Union’s MiCA framework, are gradually aligning with market innovation. Thus, participants in the space are working to leverage current legal structures alongside its technical capabilities to contribute to the evolution of stablecoin-based payments.