Miden plans to launch USDCx, a privacy stablecoin, which is expected to be launched simultaneously with the main network

According to CoinDesk, the privacy blockchain project Miden plans to launch the privacy stablecoin USDCx, which is distributed natively on the Miden network based on Circle's xReserve infrastructure and is anchored 1:1 with USDC. When users hold and transfer USDCx, their balances, counterparties, or transaction history are not publicly disclosed, but selective disclosure of information is supported for compliance requirements.

The stablecoin is expected to be launched simultaneously with the Miden mainnet, which aims to launch by the end of this month. Miden sees USDCx as the foundation of its “PriFi” private finance direction, covering scenarios such as institutional transactions, B2B payments, payroll management, and cross-border payments, and aims to solve the pain point where public blockchains are difficult to achieve both transparency and compliance in institutional finance. Earlier, in April of last year, Miden completed a $25 million seed round, co-led by a16z Crypto, Hack VC, and 1kx.