Circle and Aleo partner to launch privacy-focused USDCx
Circle, the world’s second-largest stablecoin issuer, is developing a privacy-focused stablecoin called USDCx in partnership with the blockchain company Aleo.
The new stablecoin, designed for banking and corporate users, is being developed jointly with Aleo, a privacy-oriented blockchain firm, Fortune reported on Tuesday, citing Aleo co-founder Howard Wu. Unlike most existing stablecoins—whose wallet addresses and transaction data are fully visible on-chain—USDCx is built to provide “bank-grade privacy.”
The initiative aims to eliminate a key barrier for major financial institutions, many of which have been reluctant to use blockchain-based payment systems because their transactions would be publicly accessible.
At the same time, Circle will still be able to provide compliance reports if law-enforcement agencies or regulators request information about specific transactions.
Growing demand for privacy
The new stablecoin project by Circle and Aleo highlights increasing demand for privacy features as companies and banks weigh blockchain adoption against the risks of full transparency.
Average stablecoin supply by issuer. Source: Visa Onchain Analytics, Cointelegraph
According to Cointelegraph, the race for enterprise stablecoins has accelerated following the passage of the GENIUS Act. Citigroup is partnering with Coinbase to test stablecoin-based payment systems for its clients, while other Wall Street firms—including JPMorgan and Bank of America—are reportedly in early stages of testing similar technologies.
Global remittance provider Western Union is also building a digital-asset settlement system on Solana and plans to introduce a U.S.-dollar payment token as part of its infrastructure upgrade. Meanwhile, global payments giant Visa has expanded its stablecoin offering amid growing competition in the sector.
As we wrote, From Davos to record highs: How Circle and USDC became biggest trend in digital finance
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