Zero-knowledge blockchain Miden plans to roll out a privacy-focused stablecoin, USDCx, when its mainnet goes live later this month, according to Techub, citing CoinDesk. The token will be backed by Circle’s xReserve infrastructure and remain pegged 1:1 to USDC. Miden said USDCx is designed to let users transact with privacy by default while still allowing selective disclosure when needed for compliance. The project said the stablecoin uses client-side proving, meaning transactions are executed on users’ devices instead of being publicly broadcast onchain. Miden framed the product as an attempt to address the tension between the transparency of public blockchains and the privacy requirements of institutional finance. The company said the stablecoin could be used across payments, trading, payroll and corporate treasury functions, and described it as a key building block for what it calls “PriFi,” or privacy finance infrastructure.
Miden plans to introduce a privacy-focused stablecoin called USDCx when its mainnet launches later this month, according to Techub, citing CoinDesk.
USDCx will be supported by Circle’s xReserve infrastructure and pegged 1:1 to USDC. Miden said the token is built to support private transactions by default, while also giving users the option to selectively disclose information to meet compliance requirements.
The stablecoin uses client-side proving, with transactions executed on the user’s device rather than broadcast publicly. Miden said the setup is meant to address the conflict between the transparency of public blockchains and the privacy needs of institutional finance. It said the token could be used for payments, trading, payroll and corporate treasury operations.
Miden described USDCx as an important part of its “PriFi,” or privacy finance, infrastructure.
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