Taurus, the Swiss cryptographic custody technology firm that has Deutsche Bank among its clients, is implementing a zero knowledge test (ZKP) Privacy layer for Stablecoins, starting with the USDC of Circle.
The zero knowledge shell of Taurus for Stablecoins, a way of secretly sharing details about private data using mathematical tests, was based on the Aztec network focused on privacy. The work done in the ZKP privacy improvements for security tokens aimed at banks and financial institutions, published by Taurus earlier this year continues.
Unlike the daily transactions of Stablecoin, the application of ZKP technology means that balances and transfers are encrypted and only legible by authorized parts such as emitters and regulators. This prevents the unauthorized parties from monitoring wallets, reverse engineering investment strategies or highly valued users are physically directed, according to a press release on Thursday.
Stablecoins is one of the most popular areas within Crypto at this time. The American Senate recently approved a historical bill that establishes a legal framework for the issuance and supervision of Stablecoins. Meanwhile, Stablecoin Supply has increased more than $ 250 billion, a 1200% growth since 2020.
ZKP technology, which is open source, provides privacy in the chain to both the leg in cash and the security leg of digital transactions, said Taurus.
“We show that it is possible to protect the privacy and safety of Stablecoin users while we retain the characteristics of the standard stable of the industry,” said Jean-Philippe Aumasson, Taurus Security Director in a statement. “This addresses the concerns that we have repeatedly heard of the banks that seek the broadcast of Stablecoins, central banks and regulators.”
Read more: Taurus cryptographic custodian expands the footprint to Türkiye through Bankpozitif’s collaboration
