ChainCatcher report: According to market sources, Polygon Labs launched a privacy-focused stablecoin payment feature in its consumer wallet on Monday, in collaboration with the privacy protocol Hinkal. The feature currently supports USDC and USDT. Polygon Wallet has now added a “Privately Send” option, allowing users to send stablecoins on Polygon through Hinkal’s shielded pool, with sender, receiver, and transfer amount kept private on-chain. Transactions are verified using zero-knowledge proofs, enabling external observers to confirm that a valid transfer occurred without revealing the participants or amounts. Polygon Labs states that this feature is designed for institutional payment scenarios, addressing the issue of excessive transparency in public chain payments. The design also incorporates Know Your Transaction (KYT) screening and operates in a non-custodial manner, meaning no intermediary holds users’ assets during the transfer process.
Polygon Wallet Launches Privacy Payments for USDC and USDT
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Summary
Polygon Wallet now offers private stablecoin payments for USDC and USDT, using zero-knowledge proofs (ZKP) to conceal sender, receiver, and transaction amounts from on-chain data. Launched on Monday, the feature operates through Hinkal’s shielding pools and allows users to select the 'Privately Send' option. Transactions are verified off-chain while maintaining validity via ZKP. Polygon stated that the update is designed for institutional use, where public chain transparency can pose a risk. The service includes KYT checks and operates on a non-custodial model, ensuring no third party holds funds during transfers.
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