Zero-knowledge blockchain Miden is preparing to launch USDCx, a privacy-focused stablecoin backed 1:1 by Circle’s USDC through its xReserve infrastructure.

USDCx will allow users to hold and transfer stablecoins without publicly exposing balances, counterparties or transaction histories, while Miden’s selective-disclosure system enables users to reveal transaction details when required for compliance.

The stablecoin is expected to launch alongside the Miden Mainnet, targeted for the end of August.

Miden uses client-side proving, allowing transactions to be executed and proved on users’ devices rather than exposing transaction data to the network. The project aims to bring privacy to institutional use cases including B2B payments, payroll, cross-border payments, private trading and corporate treasury management.

Miden spun out of Polygon in April 2025 and is backed by a16z crypto, 1kx, Hack VC and others.