USDC is one of the most successful responses to the concern that for Satoshi’s new electronic payment system to work on a larger scale, transacted currencies need to maintain a stable value. With USDC, you can comfortably make daily purchases with crypto, or accept crypto at your business.
However, any USDC transaction and any USDC holder is completely exposed on a number of public block explorers. Sender and receiver IDs, amounts, balances, timestamps and more — are completely visible to anyone who cares to look:
Stability has been integral to crypto adoption. Privacy is a right for all those that adopt it.
A privacy solution
Incognito, an open-source project tackling the privacy problem, has built the option for anyone to pay anonymously with USDC. All users need to do to turn their USDC into privacy USDC (pUSDC) is to deposit it into the Incognito Wallet, and transact from there.
Powered by zero-knowledge proofs optimized for mobile, all transactions made on Incognito are completely private. Incognito achieves privacy for USDC through means of the Ethereum-Incognito bridge, which allows for two-way transfers of crypto assets whenever privacy is needed. pUSDC maintains a strict 1:1 peg with USDC and can be withdrawn back to the main Ethereum Blockchain at any time.
Autonomous, a young DTC retailer of workspace products, is excited to roll out pUSDC as a payment option for this year’s shopping season. Cyber Monday at Autonomous typically sees over 1.2M USD in revenue across approximately 2,800 transactions.
Making untraceable electronic payments now takes just a couple of taps.
Pay online, Pay Incognito
In the wake of today’s privacy concerns, Autonomous is glad to be one of the first retailers to support completely anonymous payments in pUSDC.
“Our customer demographic is fairly crypto savvy. As believers in crypto-commerce ourselves, we hope a proportion of those sales will be made in private USDC.” Chi Tran, CMO of Autonomous, continued, “we aren’t the first company to introduce stablecoin payments, but we’ll be the first to test out completely private crypto payments. We see at least 150,000 sessions over Cyber Monday, so this will be a good test of market demand.”
pUSDC combines the stability and purchasing power of the dollar, the borderless freedom of digital currencies, and the privacy of hard cash.
On December 4, 2019 – USDC, Autonomous and Incognito will form the first case study of digital cash coming to life.