# Miden Builds Its Private Finance Pitch on a Circle-Issued Dollar Token

USDCx will be issued natively on Miden and backed one for one by USD Coin held in Circle's xReserve contracts, with balances private by default and disclosable to auditors on request.

- Published: 2026-09-06T06:01:25.324Z
- Canonical: https://polylog.news/crypto/2026-09-06/miden-builds-its-private-finance-pitch-on-a-circle-issued-do
- 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-url-placeholder), [CoinDesk](https://www.coindesk.com/tech/2026/08/12/miden-bets-on-privacy-stablecoins-with-introduction-of-usdcx)

Miden, the zero-knowledge network that split off from Polygon in 2025, has set out what it calls the PriFi stack, a product framing for private institutional trading, business-to-business payments, payroll, cross-border settlement and corpo…

This story is for subscribers. Read it in full at https://polylog.news/crypto/2026-09-06/miden-builds-its-private-finance-pitch-on-a-circle-issued-do (subscription information: https://polylog.news/pricing).