USDCx deposits and withdrawals are now live on Canton, a privacy-enabled Layer 1 blockchain built for regulated financial institutions and tokenized real-world assets. The USDCx stablecoin is backed by USDC held in Circle xReserve. When users deposit USDC into xReserve on Ethereum, an equivalent amount of USDCx is minted on Canton.
Canton's network structure allows for sub-transaction privacy, where only the parties involved in a transaction see the relevant details. This preserves data confidentiality while enabling atomic settlement across applications and selective disclosure to regulators and counterparties.
USDCx funding via Canton can be accessed through the deposit link provided. However, it is crucial to note that deposits made using other networks will be lost, as Kraken only supports specific networks for USDCx deposits. Trading of USDCx via the Kraken App and Instant Buy will become available once liquidity conditions are met.