Paxos Labs launches USAD, a privacy-preserving dollar stablecoin, on Aleo mainnet

Aleo/Aleo network

USAD runs on Paxos' issuance infrastructure and targets payroll, business payments and DeFi that are hard to run on fully transparent chains. It follows Circle's pilot of USDCx, a private USDC, on Aleo.

• Aleo COO Leena Im: built to meet oversight requirements while protecting sensitive user data.
• Paxos Labs co-founder Bhau Kotecha expects more firms to want custom stablecoins.
• USAD is backed 1:1 by USDG reserves held by Paxos Trust in bankruptcy-remote accounts.