Taurus Launches Zero-Knowledge Proof Privacy Layer for Stablecoins
Taurus, a Swiss crypto custody firm serving clients like Deutsche Bank, is introducing a zero-knowledge proofs (ZKP) privacy layer for stablecoins, beginning with Circle’s USDC. This technology allows the secure sharing of private data using mathematical proofs and is based on the Aztec Network.
The ZKP implementation encrypts balances and transfers, making them readable only by authorized parties such as issuers and regulators. This enhances privacy by preventing unauthorized access to information about wallets and user strategies.
- Stablecoin supply has exceeded $250 billion, marking a 1200% increase since 2020.
- A recent U.S. Senate bill established a legal framework for stablecoin issuance and oversight.
- The open-source ZKP technology brings privacy to both cash and security aspects of digital transactions.
Jean-Philippe Aumasson, Taurus's chief security officer, stated that this development addresses privacy concerns raised by banks, central banks, and regulators regarding stablecoin issuance.