The zero-knowledge blockchain spun out of Polygon is betting that stablecoins need encryption by default, not as an afterthoughtStablecoins have a transparency problem, and it’s not the kind regulators worry about. Miden, a zero-knowledge blockchain that spun out of Polygon in 2025, thinks it has a fix. The project announced USDCx on August 12, a new stablecoin backed 1:1 by USDC reserves and issued through Circle’s xReserve infrastructure. How USDCx actually worksAt its foundation, USDCx relies on Miden’s zero-knowledge architecture. Projects like Tornado Cash demonstrated the demand for transaction privacy but also illustrated the legal minefield: the US Treasury sanctioned the protocol in 2022, and its developer faced criminal charges.