Circle froze roughly $12.6 million in USDC early Saturday morning by blacklisting the Ethereum contract behind open-source cryptography firm Zama's confidential USDC token, dragging a privacy protocol into a dispute it apparently had no direct part in.
The blacklist hit the cUSDC contract at 1:08 a.m. UTC, locking 12,606,386 USDC. Public block explorers label the frozen address as Zama's…