# Miden Prepares a Private USDC-Backed Stablecoin Issued Through Circle's Reserve Contracts

USDCx will hide balances and counterparties by default while letting holders prove specific facts to auditors, with reserves held in contracts Circle deploys and operates itself.

- Published: 2026-09-02T05:46:41.964Z
- Canonical: https://polylog.news/crypto/2026-09-02/miden-prepares-a-private-usdc-backed-stablecoin-issued-throu
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [Miden](https://miden.xyz/blog/usdcx-on-miden-stablecoins-with-privacy), [Miden](https://miden.xyz/prifi-stack</source), [CoinDesk](https://www.coindesk.com/tech/2026/08/12/miden-bets-on-privacy-stablecoins-with-introduction-of-usdcx)

Miden, a zero-knowledge network that spun out of Polygon in April 2025, announced USDCx, a stablecoin it will issue natively and back one-for-one with USD Coin held through Circle's xReserve system. Transactions will be private by default,…

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