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Polygon has announced the implementation of private payments on its network, using zero-knowledge proofs (ZKPs) to verify transfers while keeping transaction details confidential. The system also includes know-your-transaction (KYT) screening from regulators as part of its compliance approach.
The solution, developed in partnership with Hinkal, enables users to send stablecoins—USDC and USDT—through the Polygon network without revealing the sender, receiver, or the funds involved in a transaction. Polygon says the design does not require taking custody of the transacted funds.
Hinkal uses a shielded pool, with ZKPs handling transaction confirmations without accessing specific transaction details. Despite the privacy layer, the shielded pool incorporates KYT screening so regulators can verify the legality of the operations.
Polygon frames privacy as a key barrier to broader institutional and traditional finance adoption of blockchain technology. By implementing private payments, the network aims to provide confidentiality comparable to banking transactions—where information can be private for the market but accessible to regulators—while operating on a faster, cheaper, and always-available network.
Polygon says the feature is already available to users in the Polygon wallet, where users can select the new private send functionality. The network also indicated it is working on additional privacy offerings to complement the wallet, stating it will share specifics as each component is ready.
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