The cowboy days of crypto are over. In their place, the kind of transformation the financial system only goes through every few generations. Money, payments, and financial assets are moving onto entirely new rails. The technology that once operated on the fringes of finance is becoming the foundation for what comes next. It's ironic that a movement that began with anarchists in basements has ended up with licensed professionals in skyscrapers, building infrastructure that has to meet the standards of the system it set out to challenge. But that’s what growing up looks like: turning new technology into something businesses can rely on. Codex is now registered with the Bank of Canada under the RPAA and with FINTRAC as an MSB. This is another step toward expanding our third-party payment services in Canada, helping businesses move between fiat and stablecoins across borders. The next phase will be won by the teams that can reliably, consistently, and safely deliver useful services to customers.

The financial system works better the closer you are to New York and London. I said this in a recent interview with Seoul Economic Daily. Between emerging economies, the same payment still takes longer and costs more. That gap is where stablecoins matter most. When both currencies exist as stablecoins, they can be exchanged directly. The intermediary banks drop out, and businesses save both time and fees. We talked about Korea too, where card payments already work well. Used only locally, a won stablecoin risks becoming little more than a marketing tool. Its real value is in foreign exchange. It’s the same lesson we learned early at @CodexFX. Customers wanted to convert the money they held into the currencies they needed, across both fiat and stablecoins. Once we built around that, volume grew quickly. In August alone, it topped $1B. Stablecoin FX is only beginning, and the decisions made over the next 5 to 10 years will determine how the financial system works for the next 100. Thanks to Do Ye-ri for a sharp conversation. en.sedaily.com/finance/2026/…