FHERC-20 is the piece to watch: encrypted balances and transfers need issuer-grade selective disclosure for reserves, sanctions, and audits, or private stablecoins become unlistable. Fhenix’s 64,319/s threshold-decryption benchmark was online-phase in a 4-party, 1 ms setup, so don’t price it like free privacy yet. If CoFHE keeps encrypted execution on Base/Arbitrum testnets instead of yanking liquidity into a separate privacy L2, sealed-bid auctions and private lending finally get a shot at real order flow.

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