Miden bets on privacy stablecoins with introduction of USDCx

TechMiden bets on privacy stablecoins with introduction of USDCxUSDCx will let users transact without publicly exposing balances, counterparties or transaction histories, while allowing selective disclosure for compliance.By Will Canny, AI Boost|Edited by Sheldon Reback1 hr ago2 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowMiden plans to introduce USDCx, a native stablecoin backed 1:1 by USDC held through Circle’s xReserve infrastructure.Transactions will be private by default, while users can selectively prove balances, provenance and other information to auditors, regulators and counterparties.The stablecoin is expected to debut at the end of this month with the Miden mainnet, targeting payments, trading, payroll and corporate treasury use cases.Miden is planning to introduce a privacy-focused stablecoin backed by Circle Internet’s USDC at the same time as the zero-knowledge blockchain prepares to debut its mainnetIssued natively on Miden using Circle’s xReserve infrastructure, USDCx will be backed 1:1 by Circle’s stablecoin held in an xReserve smart contract, the company said in a press release Wednesday.Users will be able to hold and transfer USDCx without publicly revealing balances, counterparties or transaction histories.The stablecoin is expected to go live at the same time as the Miden mainnet, targeted for the end of this month. Miden is a California-based zero-knowledge blockchain built around client-side proving, where transactions are executed and proved on users’ devices rather than exposed to the network. The design is intended to provide applications with privacy by default while allowing users to selectively disclose information when needed.The product targets one of the biggest limitations of using public blockchains for institutional finance: transparency. The network aims to provide confidentiality without sacrificing compliance. Its selective-disclosure system all…

Miden bets on privacy stablecoins with introduction of USDCx

Coins in this story

Discussion

Related stories

Smart contract blockchain Solana nearly froze Wednesday, Marinade Finance says

Crypto-Backed Loans, Explained: How to Unlock Cash Without Selling Your Bitcoin

Why Bitcoin Barely Moved Even as US Inflation Cools to 3.4%