Aleo, Paxos Labs Launch Privacy-Focused Digital Dollar USAD

Paxos Labs and the Aleo Network Foundation have introduced the USAD token, a privacy-focused stablecoin pegged to the U.S. dollar. Built on Aleo's zero-knowledge blockchain, USAD encrypts wallet addresses and transaction amounts, targeting financial institutions concerned about transaction data security. Backed by investors such as a16z, Coinbase Ventures, and SoftBank, USAD aims to enhance digital dollar usage by embedding privacy and programmability. In contrast to conventional stablecoins like Tether's USDT and Circle's USDC, USAD aims to protect sensitive transaction information, thus appealing to institutions that prefer confidentiality. Bhau Kotecha from Paxos Labs emphasized stablecoins' transformative potential in financial markets, stating that USAD is designed to offer a trusted and confidential option. Leena Im, COO of Aleo Network, noted that privacy is crucial for large-scale blockchain adoption, asserting that USAD showcases how privacy can coexist with programmability in stablecoins.

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