Circle Freezes $12.6 Million in Confidential USDC, Exposing Surveillance Risks

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Lockridge Okoth

(09:22 AM UTC)

1 min read

Circle blacklisted Zama’s confidential USDC contract on Ethereum on May 30. The blacklist freezes roughly $12.6 million held in a cUSDC token contract.

The freeze prevents holders of confidential USDC (cUSDC) from redeeming the tokens for standard USDC. The action raises fresh questions about issuer control over privacy-focused Decentralized Finance (DeFi) protocols.

Circle Blacklist Halts…

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