- Midnight Foundation has backed the USDCx rollout via the Cardano Critical Integrations Fund, supporting dollar liquidity and settlement rails.
- USDCx is Cardano-native and 1:1-backed by USDC on Circle xReserve, enabling mint/burn transfers between Ethereum and Cardano.
Midnight Foundation has backed the rollout of USDCx on Cardano through the ecosystem’s Critical Integrations Fund. This adds new dollar-denominated liquidity routes to the network. USDCx is a Cardano-native asset that is backed 1:1 by USDC held in Circle’s xReserve smart contract, connecting Cardano to Circle’s cross-chain settlement infrastructure.
Input Output Group deployed the technical infrastructure for USDCx on February 27, positioning the stablecoin for use across Cardano-based DeFi, payments, and on-chain settlement workflows that rely on dollar value. The launch was delivered under the Critical Integrations program, a community-funded effort that also involved contributors supporting the operation and security of the USDCx stack.
Midnight Foundation is proud to have supported this milestone through the Cardano Critical Integrations Fund.
As the first partner chain to Cardano, USDCx going live on Cardano brings dollar-denominated liquidity backed 1:1 by USDC in @circle xReserve — deepening stablecoin… https://t.co/zLbROUcfb3
— Midnight Foundation (@midnightfdn) February 27, 2026
Midnight Foundation linked its support to ongoing work on cross-chain liquidity plumbing between Midnight and Cardano. Midnight is a partner chain to Cardano. Its planned privacy-preserving application designs are expected to depend on cross-network liquidity paths that can carry stable value.
This week, Midnight Network named MoneyGram as a federated node operator for its mainnet launch in March, expanding the initial set of operators that will go live at genesis. We covered that the network also added eToro and Pairpoint, a Vodafone–Sumitomo joint venture, to run launch-phase nodes under the same federated model.
Midnight’s USDCx Launch Access, Fees, and Early Integrations
USDCx access uses Circle’s xReserve model. Users can deposit USDC on Ethereum into the xReserve smart contract to mint the same amount of USDCx on Cardano or burn USDCx on Cardano to release an equivalent amount of USDC on Ethereum.
Input Output Group has also launched a dedicated USDCx Bridge web app for these mint-and-burn transfers. The bridge includes integrations that can automatically swap part of a deposit into Cardano-native assets through supported DEX connections.
To reduce initial friction, Input Output Group is subsidizing the bridge fee for USDCx transfers to Cardano during the first 10 days after launch. The subsidy only covers the bridge component of the transfer, not the rest of the transaction costs. Users will still pay standard Cardano network fees required to process on-chain activity. Any fees charged by decentralized exchanges, including swap or liquidity costs, also remain the user’s responsibility. The rollout stressed a bridge design that avoids third-party bridge operators in the transfer path.
Day-one usage is tied to integrations across parts of Cardano’s DeFi stack, including decentralized exchange and lending venues that can accept stablecoin liquidity in pools, lending markets, and payment-style transfers.
Additionally, Midnight Foundation recently named Google Cloud as the first federated node operator for Midnight ahead of mainnet. CNF covered that Blockdaemon, AlphaTON, and Shielded Technologies are also set to run launch-phase federated nodes, with a planned shift toward a user-run decentralized model later in 2026.
At the time of reporting, Cardano (ADA) was trading at $0.2628, down 9% over the past 24 hours, with a $9.48 billion market cap and $597 million in 24-hour trading volume.
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