Miden unveils USDCx: Privacy stablecoin launching soon

Miden will launch USDCx, a privacy-focused stablecoin backed 1:1 by USDC via Circle’s xReserve. Mainnet and USDCx are set to go live at the end of August.

Miden has unveiled plans to launch USDCx, a privacy-centric stablecoin backed 1:1 by USDC through Circle’s xReserve infrastructure. This announcement aligns with the upcoming debut of Miden’s zero-knowledge blockchain mainnet, expected at the end of August. USDCx is designed to let users transact without publicly revealing balances, counterparties, or transaction histories. However, it supports selective disclosure for compliance with auditors, regulators, or counterparties. Unlike USDC on Ethereum, USDCx is a partner-chain asset, fully backed by USDC held in a Circle smart contract. Miden’s client-side proving ensures transactions are processed and cryptographically proven on users’ devices, delivering privacy by default. The launch targets institutional trading, business payments, payroll, cross-border transfers, and treasury operations, addressing transparency concerns of existing stablecoins.