USDCx is officially live on Canton Network. This is the first deployment using Circle xReserve and the first time a USDC-backed stablecoin can operate with institutional-grade privacy and cross-application composability on a public L1 network.
Ready to integrate or use with apps and services on Canton, USDCx flows across Canton applications and service providers with the privacy, control, and atomic settlement required by global enterprises and financial institutions.
Connectivity across assets, apps, and venues is seamless through the Canton Token Standard (CIP-56). With scalable digital-dollar stablecoin rails, combined with granular privacy and interoperability, USDCx on Canton unlocks the next phase of advanced institutional and corporate treasury use cases - from the 24/7 atomic settlement of tokenized RWAs and intraday, out-of-hours financing, to privacy-enabled global B2B payments onchain.
With USDCx, institutions can finally combine the convenience and liquidity of USDC with the privacy, interoperability, and control needed for regulated markets. This is a major step toward 24/7 markets where assets and cash move together, without exposure or reconciliation risk.
Transactions conducted on Canton in collaboration with DRW, Virtu, Citadel, Tradeweb, and Digital Asset have helped to test and refine xReserve. These out-of-hours financing trades were executed on Tradeweb and settled on Canton, benefiting from the network's privacy properties.
Bron, Cantor8, CertiK, Cumberland DRW, Dfns, Digital Asset, G20, Hydra X, IMC Trading, Loop, QCP, Send, Temple.
USDCx provides a 24/7 programmable settlement asset for onchain assets across Canton - from corporate bonds, treasuries, money market funds, structured products and alts to wrapped bitcoin and emerging DeFi products on Canton - where transactions settle atomically across independent applications, only with need-to-know privacy.
From payroll to global B2B payouts and pay-ins, and cross-border payments USDCx on Canton combines the velocity of stablecoin payments, with complete control over who sees counterparties, balances, and transaction details. No more price leaks to competitors, no more complex workaround to obfuscate payments through multiple wallets and systems.
USDCx is a Canton Token Standard enabled asset, ensuring its composability across apps, venues and services. Through xReserve, USDCx is interoperable with USDC across supported chains via Circle CCTP and Circle Gateway. This allows Canton to also serve as a hub for multi-party workflows involving other networks.
Learn more about USDCx in Circle’s announcement blog here.
"USDCx establishes Canton as a primary liquidity hub for capital markets. Temple, the network’s first privacy-preserving, non-custodial central limit orderbook, will support USDCx on day one, enabling users to bridge, mint, and trade the stablecoin globally. With its support of USDCx, Temple makes it incredibly easy to trade and access new and exciting markets on the Canton Network."
Dan Simerman, Co-Founder of Temple
"Loop is committed to giving Canton users access to the most trusted assets in the world. Supporting USDCx was an obvious choice: it brings a globally recognized, institutionally respected stablecoin into a network that demands both compliance and privacy. Circle and Digital Asset have built the right foundation for secure value transfer, and we’re proud to be one of the first to enable the seamless use of USDCx on Canton. This unlocks real money movement for real users - without sacrificing the privacy guarantees that matter to our institutional partners and clients."
Yiannis Varelas, Founder of 5North
“Canton limits transaction visibility to only parties involved in transactions and designated compliance monitors, giving operators only minimal metadata. Unlike public chains where every node sees everything, Canton’s validators hold individualized, permissioned views that keep sensitive workflows private. Its confidential payments stack, now with USDCx as an onchain dollar settlement asset, supports automated vendor payouts, private payroll, and secure liquidity management without exposing cash-flow data.”
Dr. Nagendra Bharatula, Founder and CEO, G20 Group
"CertiK performed a comprehensive security assessment of USDCx on Canton, covering both on-chain and off-chain components. The on-chain audit focused on the USDCx smart contracts on Canton, while the penetration testing focused on the off-chain application and infrastructure components. It evaluated the security posture and operational resiliency of the systems supporting the process of bringing USDCx to Canton. Together, this assessment provides assurance that the connectivity has been secured across both off-chain and on-chain layers, supporting the secure adoption and use of USDCx on Canton. As of now, Canton has achieved a score of 88.63 (AA) on Skynet."
Security Assessment by CertiK
What is Circle xReserve?
Circle xReserve enables Canton users to mint a compliant USDC-backed dollar stablecoin (USDCx) for use across the Canton Network. USDCx on Canton follows the CIP-56 token standard for seamless composability across assets, apps, wallets, and venues, all while preserving privacy. It also enables 1:1 swaps with USDC across supported chains for unified liquidity.
How is Canton partnering with Circle on Circle xReserve?
Canton is the first public L1 blockchain to integrate with Circle xReserve and launch USDCx on Canton. USDCx enables developers and users to harness the utility of Circle’s USDC with Canton’s privacy that works at scale for institutions.
How does xReserve work with Canton?
xReserve is a Circle-deployed smart contract that holds USDC to back USDCx issued on Canton, or other stablecoins issued on xReserve-enabled blockchains. USDCx is interoperable with USDC through Circle Gateway and Circle CCTP, delivering a simple, consistent user experience.
Users first send USDC to the xReserve smart contract on Ethereum. Using a cryptographic attestation issued by the xReserve API, USDCx can then be minted on Canton Network. A withdrawal request for USDCx on Canton Network results in the release of USDC on Ethereum. USDCx on Canton is in the form of a Canton Network standard token (CIP-56). Learn more about how it works here.
How does xReserve on Canton benefit institutions in the Canton Network?
The combination of a USDC-backed stablecoin, flowing into the public blockchain with need-to-know privacy, atomic interoperability and regulatory-aligned controls accelerates transformative use cases on Canton:
When will the Circle xReserve and Canton integration go live?
The integration is live and Canton applications are already using USDCx.
Is Canton the first blockchain integrating with xReserve?
Yes, Canton was the first to market using xReserve, with other chains coming soon.
What is the difference between native USDC and USDCx?
Native USDC is issued by regulated affiliates of Circle and backed by highly liquid cash and cash equivalent assets. USDCx is issued by a decentralized protocol on Canton and backed by onchain USDC deposited into an xReserve smart contract. USDC and USDCx are interoperable with one another on supported chains using Circle’s crosschain infrastructure.
For more detailed questions please contact the Circle team, or ask us and we can connect you.
How do I integrate USDCx into my Canton solution?
To integrate USDCx on the Canton Network for use by your application, follow this guide.
Does USDCx benefit from the full privacy model of Canton?
Yes, USDCx on Canton uses Canton’s full privacy model. USDCx holdings and transfers are not publicly visible to uninvolved parties on the network.