Mind Network, a pioneering Fully Homomorphic Encryption (FHE) infrastructure platform, has announced a new project to enhance cross-chain $USDC transfers in partnership with Circle and Chainlink. The collaboration includes the release of the earliest encrypted layer for $USDC transfers across chains while leveraging FHE. The platform disclosed this initiative in a recent X post.
https://twitter.com/mindnetwork_xyz/status/1925899508812034351?t=jDCXBWCdgGltuWTSkNwgbg&s=19
Mind Network Collaborates with Circle and Chainlink to Develop Encrypted Layer for $USDC Transfers
Mind Network’s latest innovation takes into account its Fully Homomorphic Encryption (FHE) technology’s implementation for the Cross-Chain Transfer Protocol (CCTP). The integration permits privacy-preserving, compliant, and encrypted $USDC transactions across diverse blockchains. This will not require any adjustments to the present CCTP infrastructure. With the unique FHE-based encryption, Mind Network permits institutions and consumers to carry out $USDC transactions between different ecosystems such as Arbitrum, Polygon, and Ethereum. Simultaneously, the sensitive transfer data, including token amounts and wallet addresses, will remain completely confidential.
The key element of this initiative is the integration of Mind Network with the CCIP of Chainlink. It serves as CCTP’s core transport layer, coping with the relay of burning and minting instructions of $USDC between blockchains. Additionally, the FHE overlay of Mind Network effectively encrypts such instructions without making shifts in the canonical logic of the protocol. This lets CCTP operate usually while blurring transfer-level metadata when it comes to public view.
This endeavor is specifically critical for developers and institutions. By merging FHE and Zero-Knowledge Proofs, Mind Network delivers tools to enable compliant privacy. This leads to verifiable transactions that fulfill regulatory standards without revealing private details. Apart from that, institutions are permitted to configure the system, allowing selective disclosure in line with specific audit or legal conditions. In this respect, the initiative maintains both confidentiality and transparency.
Delivering Confidential and Compliant DeFi Transfers on Polygon, Arbitrum, Ethereum, and More
According to Mind Network, the noteworthy use cases of the unique encrypted $USDC transfer layer include confidential DeFi transfers. Along with that, the project also includes institutional treasury activities and ZKP-based compliance. Similarly, it takes into account programmable disclosures of privacy and stealth addressing. Moreover, the real-world assets’ settlement across chains is another benefit of this development. Currently, the encrypted bridge of Mind Network is already working on Polygon, Arbitrum, and Ethereum. Furthermore, it will soon support more chains based on CCIP’s expansion.
