Miden

Miden is a blockchain protocol built around a client-side execution model intended to make onchain transactions confidential while remaining verifiable and auditable. Users execute transactions locally on their own devices so that sensitive transaction data is not exposed to the network; encrypted proofs are then submitted so the network can verify that a transaction is valid without seeing the underlying data. The company frames this design as a "PriFi" (private finance) stack.

Alongside privacy, Miden emphasizes regulatory tooling: selective disclosure so only information required for compliance is revealed, compatibility with FATF Travel Rule onchain reporting, sanctions screening and KYC without exposing customer data, and stated compliance support for the United States, United Kingdom, European Union and Singapore. Its product surface includes Guardian, a coordination environment for financial applications that handles per-transaction compliance across jurisdictions, transaction revenue collection rules, and keeping user accounts synchronized across devices; Guardian is also presented as a way to make self-custody safer by moving from single-key setups to layered, programmable custody. Miden has announced USDCx, a native USDC-backed stablecoin to be issued by Miden via Circle xReserve, and operates a public testnet.

Business model

Miden operates a layer-1/blockchain network on which third parties build financial applications, together with first-party products such as the Miden Wallet, the Guardian coordination environment, and a planned Miden-issued stablecoin (USDCx). Guardian includes functionality for applications to control when transaction revenue is collected or assessed based on transaction type.

Traction

Miden operates a public testnet, most recently at version v0.15, and offers the Miden Wallet plus the Guardian coordination environment.

Latest developments

Recent announcements include the PriFi stack, the Guardian coordination environment, and Testnet v0.15, which adds cross-chain asset movement for private accounts, native trading via PSWAP notes, Guardian-based account recovery, an end-to-end Rust debugger, foreign procedure invocation in the Rust compiler, and a node rebuilt for distributed operation. Miden has also said USDCx, a native USDC-backed stablecoin issued via Circle xReserve, is coming soon.