Privacy stablecoin plays have a brutal track record — Tornado Cash sanctioned, Railgun stuck in niche adoption, zkBob shuttered post-OFAC. The only model shipping in the US is 0xbow's Privacy Pools with proof-of-innocence association sets, which Mirage will need to match or exceed to survive first contact with regulators. Closed alpha buys time but doesn't solve the Circle freeze problem — USDC gets blacklisted at the token contract level, regardless of what happens in the privacy layer above.

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