The best stablecoin is the one no one can see

Charles Hoskinson, co-founder of Cardano, announced plans to launch what he calls the world’s first private stablecoin. As he put it: “Maybe people don’t want a stablecoin where every single purchase is permanently tracked by everyone, everywhere.”

Sounds great in theory - but in practice, private stablecoins already exist.

There’s EURx, a euro-pegged stablecoin issued by PEGx, and USDT on the Liquid Network, launched by Tether in 2019. These tokens offer full privacy: in Liquid, neither the token issuer nor the network validators can see who sends what, to whom, or when. Balances and transactions are fully confidential. It’s privacy on par with cash - or even beyond.

So the issue isn't availability - it's demand.

Despite being issued by Tether, a trusted name in crypto, and hosted on Liquid, a blockchain built by the highly respected Blockstream, Liquid USDT has seen very limited adoption: only 31 million tokens issued, compared to tens of billions on Ethereum and Tron. As for EURx, its supply is just 100,000 tokens.

Liquid USDT is available for swaps at rabbit.io, but let’s be honest - hardly anyone does. Users overwhelmingly prefer USDT on ERC20 or TRC20. The lack of attention is so striking that even Hoskinson, deeply involved in the crypto space, seems unaware of these existing private stablecoins. Otherwise, he wouldn’t be claiming to build the first.

Still, if you’re one of the few who truly value privacy - we’ve got you covered. At rabbit.io, you can swap any crypto asset for Liquid USDT and enjoy the benefits of a stablecoin that can’t be frozen, blocked, or blacklisted. Just like cash, these tokens carry no visible transaction history.