Paxos partners with Aleo to launch the privacy stablecoin USAD

According to The Block, Paxos Labs has partnered with the privacy-focused Layer 1 network Aleo to launch a native privacy-protecting stablecoin, USAD, based on Aleo's ZK technology.

This move comes amid growing attention to institutional-level privacy solutions, as businesses seek to leverage the advantages of blockchain assets without sacrificing transaction details. Notably, Circle has also chosen Aleo to pilot its privacy-protecting version of the USDC stablecoin, named USDCx.