Miden, a zero-knowledge blockchain that spun out of Polygon in 2025, announced on August 12 the launch of USDCx, a new stablecoin backed 1:1 by USDC reserves and issued through Circle’s xReserve infrastructure. This solution encrypts transactions by default while offering a selective disclosure mechanism to meet regulatory requirements such as FATF’s Travel Rule and sanctions screening. Miden raised 25 million dollars in 2025 from investors including a16z crypto. The platform targets specific use cases: private payroll, cross-border remittances, and neobank infrastructure. This approach differs from mixers like Tornado Cash by baking privacy into the base layer rather than offering it as an add-on.
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