Miden plans to launch USDCx, a privacy-focused stablecoin issued natively on its zero-knowledge blockchain through Circle's xReserve infrastructure and backed 1:1 by USDC reserves. Due to go live with Miden's mainnet later this month, the token is designed to let users hold and transfer value without publicly exposing balances, counterparties or transaction histories, while still allowing selective disclosure for auditors, regulators or counterparties. Miden has positioned USDCx as a base layer for what it calls "PriFi," or privacy-focused finance, targeting institutional trading, B2B payments, treasury management, payroll and cross-border transfers where firms want confidentiality without losing compliance controls. The launch builds on Circle's broader USDC-backed issuance model, which Tradeweb used on July 1 in a Canton Network transaction involving a tokenized U.S. Treasury, and comes as DeFiLlama data cited in the earlier report put USDC's market capitalization at about $72.22 billion on August 12. Miden began at Facebook, later continued under Polygon before becoming independent in 2025, and is backed by a16z crypto, 1kx and Hack VC.