Key facts
- Miden is launching a privacy-focused stablecoin called USDCx.
- USDCx will be backed 1:1 by Circle's USDC held in an xReserve smart contract.
- Transactions on Miden using USDCx will be private by default.
- Users can selectively disclose transaction details to auditors, regulators, and counterparties.
- The stablecoin is slated to launch with the Miden mainnet by the end of the month.
Miden, a zero-knowledge blockchain company, is preparing to launch its native stablecoin, USDCx, which will be backed by Circle's USDC. This new stablecoin is designed to offer privacy by default, allowing users to conduct transactions without publicly revealing balances, counterparties, or transaction histories. Users will have the ability to selectively disclose information to auditors, regulators, and other parties when necessary, addressing a key barrier to institutional adoption of public blockchains. The USDCx stablecoin is expected to go live concurrently with the Miden mainnet, which is targeted for release at the end of the current month. Miden's blockchain architecture emphasizes client-side proving, where transactions are executed and verified on users' devices rather than being exposed to the entire network. This approach aims to provide inherent privacy while maintaining compliance capabilities. The introduction of USDCx is intended to facilitate a range of financial activities, including payments, trading, payroll, and corporate treasury management, under a concept Miden calls "PriFi" (private finance). The company, which spun out of Polygon in April 2025, has received backing from investors such as a16z crypto, 1kx, and Hack VC.