The brief

Analyst view

• Mainnet live since Sept 18, 2024, after a $200M Series B in 2022 at a $1.45B valuation.
• Hosts two private, compliance-aware dollar stablecoins: Circle's USDCx and Paxos Labs' USAD.
• Toku launched private stablecoin payroll on Aleo in Jan 2026.

Technical approach

As reported

Off-chain execution

Compute locally, prove on-chain

Programs run off-chain; the network receives a small proof that the rules were followed, not the inputs themselves.

Selective disclosure

Private, but auditable

Amounts, addresses and balances are encrypted, yet users can reveal specific transactions to an auditor or regulator.

Proof-of-succinct-work

Paying for faster provers

Provers earn rewards by solving puzzles that are themselves proof computations, pushing GPU proving hardware forward.