Code & State
Industry Focus
Geographic Focus
Code & State is a Dubai-based venture studio specializing in stablecoin innovation, founded in Q3 2022 with a singular vision to support ventures solving practical and technical challenges of stablecoin applications. The studio was created after founders identified roadblocks bottlenecking innovation in the blockchain space that required hands-on support beyond traditional venture capital. Code & State operates as a 'company-building machine' focused on the future of money, building and scaling the next generation of financial infrastructure powered by stablecoins. The studio believes stablecoins are the most product-market-fit innovation in Web3 today and predicts their market cap will grow 10x over the next five years to surpass $1.5 trillion. With stablecoin transaction volumes exceeding $15 trillion in 2024 (surpassing Visa's annual payments), Code & State provides capital, mentorship, and infrastructure to startups solving key challenges in payments, remittances, compliance, security, and privacy. The studio operates with a founder-first, high-trust model where portfolio founders retain 80% equity upside rather than traditional venture studios taking significant stakes. Initially focused on Internet Computer Protocol (ICP) ecosystem, the studio has pivoted to exclusively focus on stablecoin ventures to create network effects across portfolio companies.
2022
2 Companies
2
3X Higher