Privacy Pools v2 Brings Shielded Payments and Yield to BNB Chain

0xbow's Privacy Pools v2 is live on $BNB Chain, giving $BNB and stablecoin holders access to shielded payments, swaps and a $USDT yield strategy while retaining deposit screening.

The project announced $BNB support on Oct. 26, saying users could “earn yield, send, request, and swap.” That followed its Ethereum v2 announcement on Oct. 20.

The change goes beyond withdrawing funds to a fresh wallet. Unlike the original version, launched on Ethereum in 2025, v2 lets users transfer funds privately inside a shared, multi-asset pool. Its documentation describes one anonymity set for all supported assets on a given chain, rather than a separate pool for each asset.

The production relayer configuration lists $BNB, $USDT, FDUSD, U and the ppUSDT yield-share token for $BNB Chain, with swaps enabled. The $BNB deployment's contract directory identifies PoolVault at `0x0Eb42804BF897662aF851370eaeAdcDBEC1b97ed` and Entrypoint at `0xca1e072236D231130059eeA6Bfceb7F4e9a1F0C3`.

A successful transaction on Oct. 28 sent 0.1 $BNB through Entrypoint into PoolVault. A separate asset-configuration transaction records U's addition at `0xcE24439F2D9C6a2289F741120FE202248B666666`.

The $BNB yield route converts $USDT into ppUSDT shares backed by Aave v3. The relayer lists one $BNB yield strategy, compared with USDC, $USDT and WETH strategies on Ethereum. Holding those shares carries Aave reserve-loss and withdrawal-liquidity risk, according to the protocol's documentation.

Screened Deposits, Public Entries and Exits

The screening mechanism carries over to $BNB Chain. A 0xbow-operated Association Set Provider, or ASP, reviews deposits and includes approved deposit labels in an association set. It publishes a cryptographic summary of that set onchain; private spending requires proof that funds descend from an approved deposit. Subsequent in-pool transfers inherit the approval, rather than undergoing fresh deposit screening, according to the ASP documentation.

That design does not hide every transaction detail. Depositing reveals the wallet address, asset and amount; withdrawing reveals the destination and amount. Transfers inside the pool conceal sender, recipient and value, while zero-knowledge proofs hide which deposited funds are being spent. The protocol's threat model warns that a quiet pool offers less unlinkability than a busy one.

Swaps also involve public execution. In a same-chain reshield swap, funds leave the pool, trade through an aggregator and return in one transaction. The privacy protection concerns the link to the spent note, not keeping funds shielded throughout the trade.

If screening is refused, the current owner can recover funds through a public “ragequit” exit. That exit publishes the deposit label, allowing the recovery to be linked to the deposit.