Taurus Unveils Open-Source Privacy Technology for Stablecoins, Starting with USDC from Circle
Taurus launches a zero-knowledge proofs privacy layer for stablecoins, beginning with Circle's USDC.
Taurus Unveils Open-Source Privacy Technology for Stablecoins, Starting with USDC from Circle
Taurus, a Switzerland-based crypto custody company, has announced the launch of a privacy layer for stablecoins utilizing zero-knowledge proofs (ZKP). Initially, this technology integrates with Circle’s USDC, enhancing transaction confidentiality while maintaining regulatory compliance.
This new privacy layer, designed to protect sensitive transaction details through sophisticated mathematics, was developed atop the Aztec Network. It builds on recent advancements in ZKP technology aimed at improving security for tokens intended for banks and financial institutions.
Key Points:
- Taurus is implementing a ZKP privacy layer for stablecoins, starting with Circle’s USDC.
- This initiative follows earlier open-source improvements in ZKP privacy for security tokens.
- The tech enables encrypted balances and transfers, ensuring only authorized entities like issuers and regulators can access sensitive data, which inhibits unauthorized monitoring.
Furthermore, stablecoins are currently a focal point in the crypto realm, with a recently passed U.S. Senate bill establishing a legal framework for their regulatory oversight—thereby fueling a significant rise in stablecoin supply to over $250 billion.
As stated by Jean-Philippe Aumasson, Chief Security Officer at Taurus: “We showed that it’s possible to protect the privacy and security of stablecoin users while retaining the features of industry-standard stablecoins.”
