A new Circle–Aleo stablecoin project highlights the growing demand for privacy features as companies weigh blockchain use against the risks of transparency.
Stablecoin issuer Circle is developing a privacy-enhanced version of its US dollar-pegged USDC token, aiming to spur institutional adoption by offering greater confidentiality than traditional public blockchains allow.
The new stablecoin, called USDCx and targeting banking and enterprise users, is being built in partnership with the privacy-focused blockchain company Aleo, Fortune reported on Tuesday, citing Aleo co-founder Howard Wu.
Unlike most existing stablecoins, which have wallet addresses and transaction details fully visible onchain, USDCx is designed to provide “banking-level privacy.” Circle would still be able to provide a compliance record if law enforcement or regulators request information on specific transactions, according to the report.
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