# Miden Frames Confidential Stablecoins as the Core Product, Not a Privacy Feature

The team plans USDCx, a token backed one for one by USD Coin held in Circle's xReserve contracts, with balances hidden by default and selective disclosure to auditors.

- Published: 2026-09-11T05:49:36.633Z
- Canonical: https://polylog.news/crypto/2026-09-11/miden-frames-confidential-stablecoins-as-the-core-product-no
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [Miden](https://miden.xyz/blog/usdcx-on-miden-stablecoins-with-privacy), [Miden (PriFi stack)](https://miden.xyz/prifi-stack)

Miden, a zero-knowledge network built around client-side execution, published its case for what it calls the private finance stack and named the first product: USDCx, a native stablecoin issued by Miden and backed one for one by USD Coin he…

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