37 min ago2 min readMiden bets on private stablecoins with new USDCx launch. (Unsplash)SummaryMiden plans to introduce USDCx, a native stablecoin backed 1:1 by USDC held through Circle’s 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 Internet’s USDC at the same time as the zero-knowledge blockchain prepares to debut its mainnetIssued 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.Privacy has emerged as a key barrier to bringing more financial activity onchain. Public blockchains expose transaction histories, balances and counterparties by default, a level of transparency that is difficult to reconcile with how businesses and financial institutions operate. Trading firms don’t want to reveal positions, companies can’t publish payroll and treasury activity and individuals may not want their financial lives visible on a block explorer. Privacy infrastructure aims to bring the confidentiality of traditional finance onchain while preserving crypto’s programmability and verifiability.Stablecoins are cryptocurrencies designed to maintain a steady value, typically by tracking the U.S. dollar. They have become a key piece of crypto infrastructure, providing a bridge between traditional money and blockchains while enabling faster payments, trading and settlement without the volatility of assets like bitcoin BTC$63,458.11 or ether ETH$1,893.69.Miden sees USDCx as the foundation for a broader category it calls “PriFi,” spanning private institutional trading, B2B payments, payroll, cross-border payments and corporate treasury management.The company spun out of Polygon as an independent project in April 2025 and is backed by a16z crypto, 1kx, Hack VC and others. Read more: The future of crypto payments won't include on-ramps or bridges, Fun CEO saysAI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.Related Assets12345678910Building the Zcash Machine: Tachyon and Quantum ReadinessBuilding the Zcash Machine: Tachyon and Quantum ReadinessZcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.Jun 30, 2026Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.Why it matters:Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.View Full Report