Last month, I stayed in Southeast Asia for a while to help a friend who runs a small business. He sells digital services, not gray products, just accepting orders, delivering, and collecting payments. The problem lies at the moment of receiving payment. The customer paid with stablecoins and just transferred the money to their commonly used wallet, The next day, the platform popped up: The account has risky behavior and some functions are temporarily restricted He looked bewildered. Where does the money come from? It is written on the chain. To whom should I pay? The notes are clear and concise. But it's precisely because it's too clear. He had to explain, take screenshots, and keep chat records on the platform for a whole week, and the money was lying on the chain, but he dared not move. That night he told me: This is not cryptocurrency, it's even more stressful than banks Later, I came across @ 0xMiden talking about the trend of 2026, and he spoke very directly: The current stablecoin payments are essentially 'naked running on public ledgers'. Regulatory, analytical companies, risk control systems, Your every move is an automated scanning object. It's quite absurd to think about it. In reality, when you receive a sum of money in cash, no one will ask you, 'Why did you receive this money?' But on the chain, even the most ordinary transfer can be targeted by the system. @0xMiden said that what can truly enter the mainstream is a threat resistant privacy solution, especially private stablecoins. Not for doing evil, But when it comes to making normal people use money, they don't have to explain themselves as normal people every day. If by 2026: Cross border transfers are as fast as sending messages; Merchants are not afraid of being frozen or accidentally harmed when collecting money; Ordinary people's payments are no longer assumed to be "subject to review". That's what payment infrastructure should look like. Of course, privacy is a double-edged sword, and I agree with that. But the solution is not to seal it off, but to get the technology right. A team like Miden that designs from client proof and threat models, It's about solving the problem of 'how to make privacy both secure and acceptable'. That day, my friend finally managed to toss out the money. But he said something even more heart wrenching to me: I will try my best not to use stablecoins in the future If encryption is exhausting even for normal use, That problem is definitely not with the user. So I increasingly feel that, Privacy is not just icing on the cake, The bottom line for whether encryption can survive.