Miden bets on privacy stablecoins with introduction of USDCx

Privacy has emerged as a key barrier to bringing more financial activity onchain. Public blockchains expose transaction histories, balances and counterparties by default, a level of transparency that is difficult to reconcile with how businesses and financial institutions operate.

Trading firms don’t want to reveal positions, companies can’t publish payroll and treasury activity and individuals may not want their financial lives visible on a block explorer. Privacy infrastructure aims to bring the confidentiality of traditional finance onchain while preserving crypto’s programmability and verifiability.

Stablecoins are cryptocurrencies designed to maintain a steady value, typically by tracking the U.S. dollar. They have become a key piece of crypto infrastructure, providing a bridge between traditional money and blockchains while enabling faster payments, trading and settlement without the volatility of assets like bitcoin BTC$63,435.68 or ether ETH$1,891.71.

Miden sees USDCx as the foundation for a broader category it calls “PriFi,” spanning private institutional trading, B2B payments, payroll, cross-border payments and corporate treasury management.

The company spun out of Polygon as an independent project in April 2025 and is backed by a16z crypto, 1kx, Hack VC and others.