Miden Plans to Launch Privacy-Focused Stablecoin USDCx
JH Kim
Summary
- Miden plans to roll out the privacy-focused stablecoin 'USDCx' alongside its mainnet launch later this month.
- USDCx will be issued natively on the Miden network using Circle's xReserve infrastructure and will be backed 1:1 by USDC deposited in an xReserve smart contract.
- USDCx is designed to keep balances and transaction histories private while allowing selective disclosure of necessary information to auditors, regulators and transaction counterparties.
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Miden, a zero-knowledge-proof blockchain network, plans to launch USDCx, a stablecoin with privacy features.
CoinDesk reported on Aug. 12 that Miden plans to introduce USDCx alongside its mainnet launch later this month. USDCx will be issued natively on the Miden network using Circle's xReserve infrastructure and will be backed 1:1 by USDC deposited in an xReserve smart contract.
By default, USDCx will not publicly disclose balances, counterparties or transaction histories. It is designed to selectively reveal necessary information, including balances and the source of funds, to auditors, regulators and transaction counterparties when needed.
JH Kim
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