Miden plans to launch a privacy-focused stablecoin backed by $USDC from Circle Internet, coinciding with the launch of its zero-knowledge blockchain mainnet.
"USDCx, issued on the Miden platform using Circle's xReserve infrastructure, will be backed 1:1 by Circle's stablecoin held in an xReserve smart contract," the company stated in a press release on Wednesday.
Users will be able to hold and transfer USDCx without publicly revealing balances, counterparties, or transaction history.
The stablecoin is expected to launch simultaneously with the Miden Network, which is scheduled to go live by the end of August.
Miden is a California-based, client-proven zero-knowledge blockchain where transactions are executed and proven on users' devices, rather than being disclosed on the network. The goal of this architecture is to provide applications with privacy by default, allowing users to selectively disclose information when necessary.
The product aims to address one of the biggest challenges of using public blockchains for institutional finance: transparency.
The network's goal is to deliver privacy without compromising regulatory compliance. The selective disclosure system allows users to prove balances, provenance, or other information to auditors, regulators, and counterparties as needed.
Privacy has become a key barrier to moving more financial activity onto the blockchain. Public blockchains by default reveal transaction history, balances, and counterparty information, creating a level of transparency that is difficult to reconcile with how businesses and financial institutions operate.
Trading firms do not want to disclose positions, companies cannot broadcast salary and treasury activities, and individuals may not want their financial lives visible on a block explorer. Privacy infrastructure is meant to bring the confidentiality of traditional finance to the blockchain while preserving the programmability and verifiability of crypto.
Stablecoins are cryptocurrencies designed to maintain a stable value, typically by tracking the U.S. dollar. They have become a key component of crypto infrastructure, providing a bridge between traditional money and blockchains, enabling faster payments, trading, and settlement without the volatility of assets like Bitcoin or Ethereum.
Miden sees USDCx as the foundation for a broader category it calls "PriFi," encompassing private institutional trading, B2B payments, payroll settlement, cross-border payments, and corporate treasury management.
The company spun off from Polygon as an independent project in April 2025 and is backed by a16z crypto, 1kx, Hack VC, and others.
