Privacy Stablecoin Rumors Gain Momentum Inside the Cardano Ecosystem
A new privacy-focused stablecoin partner is getting ready to join Cardano’s Midnight privacy sidechain. In the beginning, this was just conjecture among Cardano members. The launch of a privacy-focused stablecoin was being discussed by users on Midnight. Notable members of the community and project managers have engaged in a series of online exchanges that have led up to this discussion.
USDC Privacy Concerns Spark Fresh Interest in Cardano’s Midnight Sidechain
Cardano DRep and stake pool operator Stake With Pride tweeted an image of a Reddit post. Crypto users often worry about their privacy, and this post brought that fear to light. Someone the user had paid questioned them about their huge USDC holdings, according to the post. The other person’s ability to see their USDC balance online is what caused the problem. The potential for non-privacy stablecoins to unintentionally reveal private financial data is demonstrated by this case.
Stake With Pride shared the screenshot on X and mentioned that Midnight is specifically made to fix problems like these. According to him, privacy stablecoins will make it possible to buy and sell without disclosing one’s account balance or any other financial information. Significant members of the Midnight and Cardano communities took notice of the post immediately. Also participating was Jillian Plomin, CEO of W3i Software and a member of the team responsible for creating Cardano’s USDM stablecoin. Regarding the issue of privacy, she mentioned that she had a solution already.
Midnight President Teases Imminent Stablecoin Announcement
Curiously, Midnight Foundation Head of Marketing Jason Schober urged listeners to the December 18th episode of the Unshielded Podcast that featured Plomin. The rumors became even more plausible throughout the actual podcast. During the podcast, Midnight Foundation President Fahmi Syed disclosed that a prospective stablecoin partner has already given the project a formal contract. The agreement would pass the latter stages of the procedure, he continued, if it were successfully signed, examined, and finalized. In the days or weeks that follow, there may be an official announcement. He did not reveal the stablecoin partner’s identity, though.
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