Aleo partners with Paxos Labs to launch stablecoin USAD

Jinse Finance reported that the Aleo Network Foundation has partnered with Paxos Labs to launch the privacy-focused USAD stablecoin. Aleo is a Layer1 permissionless blockchain that utilizes zero-knowledge proofs to enable private and compliant payments. Paxos Labs, a subsidiary of Paxos, is the issuer of PayPal’s PYUSD and the Global Dollar stablecoin. Aleo is supported by a16z, Softbank, and a certain exchange, and is also participating in the Global Dollar Network collaboration.