Code & State

Code & State is a Dubai-based venture studio for stablecoin businesses, founded in 2022, and is not an issuer itself. It builds teams through an entrepreneur-in-residence programme, provides seed capital plus compliance and engineering support, and takes a minority stake while founders keep roughly 80% of the upside. It targets the missing privacy and compliance modules that stablecoin products run into: portfolio work includes Mirage, a privacy-preserving transfer protocol, and safeguards for digital-dollar systems, with KYC/KYB, proof of reserves, redemption and accounting broken into reusable components that portfolio companies assemble per jurisdiction. Accounts and settlement sit on partner chains and licensed institutions rather than a proprietary chain.

Its position is company builder rather than protocol operator, earning equity instead of seigniorage, with the two portfolio ventures sharing one compliance and technology base. Licensing, reserves and redemption obligations sit with each project entity; the studio holds no licence and does not take customer funds directly.