Paxos Labs and the Aleo Network Foundation are working to launch a U.S. dollar-pegged stablecoin that aims to preserve user privacy, and appeal to financial institutions, the companies said.

Unveiled on Wednesday, the USAD token was built on Aleo’s zero-knowledge (ZK) layer 1 blockchain and issued through Paxos Labs, a regulated infrastructure provider that was incubated under Paxos, the firm behind popular stablecoins such as PayPal USD (PYUSD) and the Global Dollar (USDG).

Stablecoins are a fast-growing class of cryptocurrencies that are increasingly considered as a cheaper, faster alternative for moving money globally. They are tokens with prices tied to fiat money like the U.S. dollar, and use blockchains to settle transactions. Interest in stablecoins has accelerated with U.S. Presi

See Full Page