Miden bets on privacy stablecoins with introduction of USDCx
USDCx will let users transact without publicly exposing balances, counterparties or transaction histories, while allowing selective disclosure for compliance.
Miden, a California-based zero-knowledge blockchain, is set to launch its own privacy-focused stablecoin called USDCx. Built on Circle's xReserve infrastructure, USDCx will be 1:1 backed by Circle's stablecoin held in an xReserve smart contract. This privacy-centric stablecoin will enable users to hold and transfer funds without revealing balances, counterparties, or transaction histories on the blockchain.
Miden's mainnet is expected to debut by the end of the month, coinciding with the launch of USDCx. The zero-knowledge blockchain aims to address the issue of transparency on public blockchains, which can be a barrier to widespread adoption in institutional finance. By providing privacy through selective-disclosure, Miden seeks to offer confidentiality while maintaining compliance.
Privacy infrastructure, such as USDCx, aims to bring the confidentiality of traditional finance to the blockchain while preserving crypto's programmability and verifiability. Stablecoins, which maintain a steady value typically against the US dollar, are crucial for enabling faster payments, trading, and settlement without the volatility of assets like Bitcoin or Ether.
Miden, spun out of Polygon in April 2025, has backing from prominent venture capital firms including a16z crypto, 1kx, and Hack VC.
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