Cash-like privacy and compliance with anti-money laundering regulations can coexist in a private fiat stablecoin built on zero-knowledge proofs. With MiCA in effect from March 12, 2025 and a new EU AML package still under discussion at the institutional level European Commission, 2025 has been confirmed as the year when this architecture can become both technically feasible and regulatory coherent. MiCA is operational from March 12, 2025, and many technical provisions for digital assets are now subject to implementation guidelines by national authorities.