USDCx (Canton) price

USDCX

#135

Launched on 04/12/2025 by Circle Internet Financial, USDCx is a USD-denominated stablecoin issued on Canton Network, a Layer 1 blockchain designed for financial markets. Each USDCx is backed 1:1 by USDC held in Circle xReserve, a reserve protocol deployed on Ethereum. When a user deposits USDC into the xReserve contract on Ethereum, an equivalent amount of USDCx is minted on Canton through the protocol. Withdrawals run in reverse, redeeming USDCx and releasing the underlying USDC on Ethereum.

Canton is the first blockchain to integrate with Circle xReserve. The integration provides users and developers on Canton with access to USDC liquidity across more than 20 supported blockchains, via Circle Gateway and Circle's Cross-Chain Transfer Protocol (CCTP). Third-party bridges are not required for this connectivity. USDCx implements the Canton Token Standard (CIP-56), making it composable across applications, wallets, and venues on Canton from day one. Canton Network provides sub-transaction privacy: only the parties entitled to a given transaction can see its contents. USDCx inherits this privacy model. Balances, counterparties, and transaction details are visible only to authorized participants, while atomic settlement is preserved across independent applications.

The asset is designed for institutional use cases that require both privacy and programmable cash settlement. These include atomic settlement of tokenized real-world assets such as bonds, repos, loans, and wrapped Bitcoin; delivery-versus-payment workflows; cross-border B2B payments; payroll; and treasury operations. Settlement runs around the clock, across applications on Canton.

Circle joined Canton Network as a Super Validator at the same time as the USDCx launch, taking on a role in Global Synchronizer governance under CIP-0041. Day-one applications, wallets, and participants supporting USDCx at launch include Bron, Cantor8, CertiK, Console Wallet, Cumberland DRW, Dfns, Digital Asset, G20, Hydra X, IMC Trading, Loop, QCP, Send on Canton Network, and Temple. Earlier out-of-hours repo trades on Canton involving DRW, Virtu, Citadel, Tradeweb, and Digital Asset tested the underlying xReserve infrastructure ahead of the public launch.

The mainnet identifier for USDCx on Canton is decentralized-usdc-interchain-rep::12208115f1e168dd7e792320be9c4ca720c751a02a3053c7606e1c1cd3dad9bf60ef.

USDCx sits within Circle's broader stablecoin infrastructure alongside USDC, the dollar-pegged stablecoin in circulation across multiple public chains, and complements other Circle-related assets on Canton including USYC, the tokenized money market fund originally issued by Hashnote (acquired by Circle in 2025). The combination allows institutional users to move between cash and short-duration treasury bill collateral on chain, with privacy preserved at every step.

Canton Network operates as a public-permissioned blockchain with a decentralized synchronization service called the Global Synchronizer. The network's participants span global financial market infrastructures, banks, asset managers, and trading firms. USDCx serves as a USD-denominated cash settlement asset for institutional applications operating across capital markets, payments, and tokenized asset workflows on Canton.