PANews reported on October 1st that according to CoinDesk, the Aleo Network Foundation and Paxos Labs announced a partnership to launch a privacy-focused USD stablecoin, USAD. Built on Aleo's zero-knowledge (ZK) layer 1 blockchain, the stablecoin aims to attract financial institutions sensitive to on-chain transaction data by encrypting wallet addresses and transaction amounts.
USAD will be issued through Paxos Labs, a regulated infrastructure provider incubated by the well-known stablecoin issuer Paxos. It is reported that the Aleo project has previously received investments from well-known institutions such as a16z, Coinbase Ventures, and SoftBank.
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.