Recently, the news of Zama's mainnet officially launching has attracted a lot of attention. More noteworthy is that the first privacy stablecoin cUSDT has already completed a transfer on Ethereum, which indeed delivers a heavy blow to the privacy track.

To be honest, the demand for privacy in the crypto world has always existed. But projects that can truly implement full homomorphic encryption technology are still in the first tier, and Zama might be among the leaders. The core issues mainly revolve around these aspects:

**Technical Level**, Zama claims to achieve "usable but invisible" data, which sounds promising. However, whether it can operate stably in real-world applications without significant performance bottlenecks remains to be seen in future performance.

**Market Landscape**, if cUSDT can really open up the situation, the competition in the privacy track of stablecoins will become much more interesting. Will established privacy coins like ZEC, ASTR face challenges? This is a question worth observing.

**Regulatory Game**, this has always been the core challenge in the privacy track. Finding the balance between decentralization and compliance, and how Zama manages this pivot, directly determines the project's ceiling.

Privacy needs are real, but whether it can survive long-term depends on ecosystem development and regulatory environment evolution. Friends interested in this track, feel free to share your thoughts.