Summary
- Miden plans to introduce USDCx, a native stablecoin backed 1:1 by USDC held through Circles 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 Internets USDC at the same time as the zero-knowledge blockchain prepares to debut its mainnet
Issued 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 allows users to prove balances, provenance or other information to auditors, regulators and counterparties when required.