Paxos Labs and Aleo launch private stablecoin USAD on Aleo mainnet

Paxos Labs, a regulated blockchain infrastructure firm, has launched USAD, a privacy-preserving stablecoin, on the Aleo Network mainnet. USAD is dollar-pegged and operates on Aleo, a Layer 1 blockchain utilizing zero-knowledge cryptography to keep wallet addresses and transaction amounts private while maintaining auditability. This launch follows Circle's introduction of USDCx on the same network earlier. Aleo, which launched in September 2024 after significant funding rounds, is seeing immediate utility, as Toku plans to use USAD for a confidential payroll product targeting over $1B in processing volumes this quarter. Paxos continues to expand its infrastructure, notably providing backend services for PayPal's stablecoin and participating in the Global Dollar Network consortium.

(Source：Crypto Briefing)