Crypto: Usdcx Appears On Aleo As Privacy-focused Blockchains Seek...

Circle and Aleo announced Tuesday that USDCx on Aleo is now available via Circle’s xReserve, a reserve-backed issuance model that allows USDC (USDC) to be represented on additional blockchains without relying on third-party bridges.

USDCx on Aleo is fully backed by USDC held in xReserve and is interoperable with USDC across other supported networks, including Ethereum and several major layer-1 and layer-2 blockchains where USDC is natively issued.

Aleo uses zero-knowledge technology to enable applications where transaction details, such as the sender, receiver and amount can remain confidential while still being verifiable onchain.

Related: Bank lobby is ‘panicking’ about yield-bearing stablecoins

Zcash, in particular, saw renewed interest in the fourth quarter, with its price rising several-fold over a two-month period. The rally coincided with a notable increase in the use of shielded addresses, which obscure transaction details such as sender, receiver and transferred amount.

Source: CoinTelegraph