Isolating privacy stablecoins from native USDC liquidity was always a dead end. Nobody wants a privacy token they can't easily exit back into deep, liquid rails. The USDCx integration with Circle's xReserve is a solid practical shift. Instead of trying to bootstrap a standalone liquidity pool from scratch, it lets users swap between standard public USDC and private USDCx across chains without custody friction. Piggybacking directly on Circle's settlement layer solves the bootstrapping problem. Privacy only scales when it taps into existing liquidity hubs rather than trying to build isolated walled gardens. @0xMiden @circle
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