Aleo and Circle are launching USDCx, a new, privacy-centric version of the USDC stablecoin designed to provide “banking-level” confidentiality while maintaining regulatory visibility and dollar backing. The token is launching first on Aleo’s testnet and was built using Circle’s new xReserve platform, which allows partner blockchains to issue their own USDC-backed assets that interoperate with native USDC liquidity.
New role of USDCx
USDCx remains pegged one-to-one with the U.S. dollar, but it is issued on Aleo, a layer-1 blockchain architecture around zero-knowledge proofs for private transactions. Rather than broadcasting clear-text transaction details on-chain, Aleo represents transfers as encrypted data blobs that shield sender, receiver, and amounts from public view.
Circle and Aleo position this as a response to institutional reluctance to use public blockchains, where transaction histories are permanently transparent and can expose sensitive commercial information or trading strategies. By putting stablecoin predictability together with privacy, they hope to make on-chain dol
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