Privacy coins are back in focus in late 2025. Zcash (ZEC) has surged over 400% since September as its shielded pool climbed past 4.9 million ZEC and Grayscale’s ZCSH trust crossed $123 million AUM (assets under management), signaling fresh institutional interest. Monero (XMR) remains the category’s default-private leader, backed by predictable tail emission of 0.6 XMR every ~2 minutes and sub-1% long-run inflation. But regulators are tightening the net: the EU’s AMLR will restrict privacy coins at licensed exchanges by July 2027, forcing users toward self-custody, DEX (decentralized exchange) routes, and region-specific platforms.
Grayscale Zcash Trust (ZCSH) market price and NAV per share | Source: Grayscale
This guide compares Zcash (ZEC) and Monero (XMR) across privacy technology, tokenomics, adoption, and regulation, so you can decide which better fits your goals in 2025.
A Snapshot of Top Privacy Coins Zcash and Monero in 2025
Zcash is riding fresh momentum as its shielded pool now exceeds 4.9M ZEC, reflecting growing use of private transactions; investors also have an institutional on-ramp via the Grayscale Zcash Trust (ZCSH). Monero, by contrast, keeps privacy on by default and funds security with a tail emission of 0.6 XMR every ~2 minutes, and sub-1% long-run inflation.
Both coins face a regulatory overhang: the EU’s AMLR will restrict privacy coins at regulated providers from July 1, 2027, and major exchanges have already limited XMR, and their availability varies by region.
Why Privacy Coins Are in the Spotlight in 2025
Market cap of leading privacy coins | Source: CoinGecko
Rising concerns about financial surveillance and stricter compliance rules have pushed users to reassess tools that balance confidentiality with auditability. Zcash’s ongoing client migration to Zebra, a modern Rust node, and Monero’s steady issuance model keep both ecosystems technically relevant, while the 2027 EU deadline, delistings, and regional policy debates keep them squarely in the news. In short, ZEC offers optional privacy and auditor view keys, XMR offers default privacy; which is “better” depends on your privacy needs and your jurisdiction’s rules.
What Is Zcash (ZEC)?
Zcash price is up by over 900% in a year | Source: Coinmarketcap
Zcash is a cryptocurrency designed for people who want the option to keep their financial activity private. It works similarly to Bitcoin, using proof-of-work mining and a public blockchain, but adds an extra layer of privacy using advanced cryptography called zk-SNARKs. With Zcash, you can choose between two types of addresses:
• Transparent (t-addresses): These work like normal Bitcoin addresses. Anyone can see the amount sent and the wallet addresses involved.
• Shielded (z-addresses): These hide the sender, receiver, and transaction amount while still proving that the transaction is valid.
This “optional privacy” option makes Zcash useful for everyday payments, private transfers, and even businesses that need transparent accounting. In 2025, Zcash gained attention because more coins are moving into the shielded pool, now over 4.5 million ZEC, and its network is being upgraded with a modern Rust-based node client called Zebra, which improves speed, reliability, and future upgrade support.
Key Strengths of Zcash
• You choose your privacy level: Users who need full confidentiality can send shielded transactions, while others who need transparency (for taxes, auditing, or business reporting) can use transparent addresses.
• Institutional access is improving: Zcash has a Grayscale investment trust, which allows traditional investors to gain exposure to ZEC without holding the coin directly.
• Better technology in 2025: The shift from the old
zcashd client to the newer Zebra client makes running Zcash nodes faster, lighter, and easier for developers and operators.Trade-offs of Zcash
• Privacy is not automatic: Many users still send transactions publicly, which can limit privacy if shielded adoption does not continue to grow.
• Regulatory uncertainty: Even though Zcash offers transparent transactions, privacy coins are still under scrutiny. The EU has proposed rules restricting privacy coin support on regulated exchanges starting in 2027, so availability may vary by region.
What Is Monero (XMR)?
Monero price is up by over 108% in a year | Source: BingX
Monero is a cryptocurrency built for complete, automatic privacy. Unlike Bitcoin or even Zcash, where transactions can be publicly visible, Monero hides every important detail by default. When you send XMR, the blockchain does not reveal who sent the payment, who received it, or how much was transferred. It uses three key tools to protect users:
• Ring signatures: Mix your transaction with many decoy transactions so no observer can tell which wallet actually sent the funds.
• RingCT (Ring Confidential Transactions): Hides the amount being sent.
• Stealth addresses: The receiver gets paid at a one-time, hidden address that cannot be linked back to their real wallet.
Together, these make Monero one of the most private and fungible cryptocurrencies. Every coin looks the same, with no “tainted” or trackable history. You can spend or send Monero without exposing personal financial data.
Monero is also designed to stay decentralized. It uses a mining algorithm called RandomX, which runs efficiently on regular CPUs. That means you don’t need expensive hardware to help secure the network, ordinary computers can participate.
A unique feature of Monero is its tail emission: miners receive a small, fixed reward of 0.6 XMR every 2 minutes forever. This keeps the network secure long-term, avoids running out of block rewards, and keeps inflation low, below 1% over time.
Key Strengths of Monero
• Privacy is automatic, not optional. You don’t need special addresses or settings, and every transaction is protected.
• Coins are fully fungible. Because their histories cannot be traced, every XMR has equal value, similar to physical cash.
• Sustainable security model. Tail emission ensures miners are always incentivized to support the network, even decades from now.
Trade-offs of Monero
• Harder to buy on major exchanges. Due to regulatory pressure, some platforms in the EEA, have delisted or restricted XMR.
• Availability varies by region. People in some countries can still access Monero through smaller exchanges or P2P trading, but options are not as broad as Bitcoin or Zcash.
How Zcash and Monero Are Alike: Key Similarities
Despite using different cryptography and privacy models, Zcash and Monero share the same mission: giving users financial freedom without exposing sensitive transaction data on a public ledger. Both run on decentralized, permissionless blockchains, support self-custody, and allow users to spend or receive crypto without linking their identity on-chain.
They also position themselves as “digital cash,” prioritizing peer-to-peer payments, censorship resistance, and fungibility. Finally, both assets face similar regulatory pressures, especially in regions where anonymity-enhanced crypto is restricted, making wallet choice, custody, and jurisdiction especially important for users.
Zcash (ZEC) vs. Monero (XMR): Key Differences
| Feature | Zcash (ZEC) | Monero (XMR) |
| Privacy Mode | Optional (t-addr / z-addr) | Default-on |
| Proof | PoW (Bitcoin like) | PoW (RandomX, CPU friendly) |
| Economics | Fixed cap; halving ~2028 | Tail emission 0.6 XMR/block |
| Auditability | View keys enable selective disclosure | No built-in selective disclosure for amounts/senders |
| 2025 Catalyst | Shielded supply surge; Zebra migration; rising institutional interest | Steady security budget via tail emission; resilient grassroots adoption |
| Regulator Exposure | High (EU AMLR) but optionality can aid compliance | High; exchange access more limited in some regions |
1. Zcash vs. Monero: Core Tech and Privacy Models Compared
Zcash (ZEC) — zk-SNARKs with opt-in shielding
Zcash lets users choose between transparent Bitcoin-style addresses and fully shielded addresses secured by zk-SNARKs, so transactions can be private when needed or public for taxes and accounting. Businesses can share view keys with auditors without exposing information on-chain, and the move to the faster Zebra client in 2025 improves syncing, reliability, and future upgrades like Zcash Shielded Assets (ZSAs).
Who should use Zcash?
Zcash is practical for users who want the choice between transparent and private payments, such as merchants, taxpayers, or companies that need optional audit trails.
Monero (XMR) — Privacy by default
Monero hides senders, receivers, and amounts automatically using ring signatures, RingCT, stealth addresses, and Bulletproofs, making every transaction private without configuration. Because transactions can’t be traced, every XMR coin holds equal value. There’s no “tainted” history, and the RandomX algorithm keeps mining decentralized on normal CPUs.
Who should use Monero?
Monero is suited for users who want maximum privacy with zero configuration—just send and receive XMR, and everything is hidden automatically.
2. ZEC vs XMR: Tokenomics Comparison
Zcash (ZEC) has a capped supply of 21 million coins, similar to Bitcoin. New ZEC enters circulation through block rewards, which halve roughly every four years. The next halving is expected in late 2028, reducing miner rewards and further tightening supply over time. Because more than 4.5 million ZEC now sits inside the shielded pool, a meaningful portion of the circulating supply is effectively removed from open market visibility, creating additional scarcity during periods of rising demand. Zcash does not use ongoing inflation after the cap is reached, so supply will eventually stop growing entirely.
Monero (XMR) takes a different approach. Instead of a fixed cap, Monero uses a model called tail emission, paying a constant reward of 0.6 XMR every ~2 minutes forever. This creates a small, predictable inflation rate, eventually under 1% per year, which ensures miners always have an incentive to secure the network. Because supply never reaches zero emissions, Monero avoids the long-term security risk where miners rely only on transaction fees. In practice, this makes XMR more like digital cash with steady supply growth, while ZEC acts more like a scarce asset similar to Bitcoin.
3. Comparing Zcash and Monero's Adoption and Market Access
Zcash (ZEC) has an easier path to traditional investors because it offers optional privacy and a transparent mode when needed. The biggest example is Grayscale’s Zcash Trust (ZCSH), which allows investors to buy ZEC exposure through a regular brokerage account without holding the coin directly. By late 2025, the trust’s assets under management passed $123 million, signaling renewed institutional interest during ZEC’s price recovery and rising shielded-pool usage. For everyday users, ZEC still trades on major global exchanges, though availability can vary depending on local regulations.
Monero (XMR) faces tighter restrictions. Because every Monero transaction is private by default, some regulated exchanges have limited or removed XMR trading. Several leading exchanges delisted Monero in 2024, meaning users in some regions must rely on smaller exchanges, P2P markets, or decentralized platforms. Looking ahead, the EU’s AMLR rules plan to restrict privacy coins at licensed service providers starting July 2027, which could push more users toward self-custody wallets, DEX swaps, or cross-chain bridges where legally allowed. In short: ZEC currently has broader institutional pathways, while XMR access depends heavily on where you live and which platforms operate in your region.
4. Zcash (ZEC) and Monero (XMR): Market Performance Review
In 2025, Zcash (ZEC) has shown a dramatic rally: prices have surged 400 %+ since September, trading near $350–$370. On-chain data shows the shielded supply climbed to 4.94 million ZEC, representing over 30% of the circulating supply, a dynamic tightening the float and supporting upward pressure.
In contrast, Monero (XMR) has posted more moderate growth: recent price data show XMR trading around $319 to $332 with a one-year growth of about +108%, up from around $157 one year ago. Forecast models suggest year-end 2025 targets nearer the $320-$475 range depending on scenario. While XMR’s move is meaningful, it lacks the explosive short-term rally seen in ZEC, making ZEC the stronger momentum play and XMR the steadier performer in this cycle.
How to Buy Zcash (ZEC) and Monero (XMR)
Since Zcash (ZEC) and Monero (XMR) are not listed on BingX, users often purchase them through some centralized exchanges that support privacy-focused assets, or through decentralized platforms where legally permitted. ZEC is available on several major global exchanges, and in some regions it can also be accessed through brokerage-style products like Grayscale’s Zcash Trust for indirect exposure.
Trade ZEC on BingX Futures
You can trade Zcash (ZEC) on BingX Futures through the ZEC/USDT perpetual contract. Simply go to the Futures section, search for ZEC/USDT-M Perp, choose your margin mode (cross or isolated), set leverage, and place a long or short order depending on your market view.
As with all derivatives, monitor liquidation price and use risk controls like stop-loss orders, since futures trading can lead to larger losses if the market moves against you. You can also use BingX AI to analyze market trends, funding rates, and volatility before entering a trade, helpful for managing risk and timing entries more confidently.
ZEC/USDT perpetual contract on the futures market powered by BingX AI insights
Monero access varies more by jurisdiction because of regulatory restrictions. Some exchanges have delisted or limited XMR, so users may need to rely on smaller regional platforms, P2P markets, or DEX/bridge routes if compliant in their area. After buying, both coins can be withdrawn to self-custody wallets that support their privacy features, such as shielded wallets for ZEC and native XMR wallets for Monero. Always verify local regulations, exchange availability, and wallet support before purchasing.
Learn more about how to buy Zcash (ZEC) and how to buy Monero (XMR) in our guides.
What Are the Risks of Investing in Zcash and Monero?
Even though both assets offer strong privacy features, investors should understand the risks before buying ZEC or XMR.
1. Regulatory uncertainty can affect access. Privacy coins face more scrutiny than most cryptocurrencies. The EU’s AMLR rules are set to restrict privacy coins at regulated crypto providers starting July 2027, and we’ve already seen real-world outcomes: Several leading exchanges delisted Monero in 2024. Future listings could change quickly, and availability will vary by jurisdiction. Zcash’s optional transparency gives it a slightly easier path, but it is not immune to policy risk.
2. Liquidity depends on where you trade. After major delistings, XMR liquidity is now concentrated on smaller exchanges, regional platforms, and P2P markets. This can mean wider spreads, lower trading volume, and more price slippage. Zcash generally has broader centralized-exchange access and institutional routes (such as the Grayscale ZCSH Trust), but liquidity still rises and falls with market cycles, especially during risk-off environments.
3. Wallets and self-custody require care. Zcash’s privacy only works when transactions use z-addresses, and not all wallets or exchanges support them. Users who want full shielding must pick compatible wallets and may need to manage viewing keys for audits or recovery. Monero wallets are specialized as well, often with larger downloads and syncing requirements. For advanced users running nodes, Zcash is migrating from
zcashd to the Zebra client, which may require operational adjustments.4. Price swings can be sharp. Privacy coins tend to react strongly to narratives, headlines, and regulatory news. Positive activity, like rising shielded supply or institutional inflows, can drive fast gains, while delistings or policy announcements can trigger sharp sell-offs. Both ZEC and XMR have seen double-digit percentage moves within short periods during past regulatory cycles.
Concluson: Zcash or Monero, Which Is “Better” in 2025?
If you’re exploring privacy coins in 2025, Zcash and Monero remain the two most established options, but they take different approaches. With Zcash, you can choose between transparent and shielded transactions, and share view keys when audits or reporting are required. Recent momentum comes from growing shielded usage, institutional access through products like the Grayscale Zcash Trust, and the network’s migration to the faster Zebra client.
With Monero, every transaction is private by default. RingCT, stealth addresses, and ring signatures hide senders, receivers, and amounts without any extra settings, which helps maintain full fungibility on-chain. Exchange access can vary by region due to compliance rules, so self-custody and alternative trading routes may be necessary where legally allowed.
Both assets face similar regulatory and market risks, especially with EU restrictions planned for 2027, so availability, custody setup, and local rules are important to check before you buy. Crypto remains highly volatile, and you should only invest what you can afford to lose.
Related Reading
FAQs on Zcash and Monero Privacy Coins
1. How private is Zcash vs. Monero?
Zcash offers optional privacy with shielded addresses (zk-SNARKs), while Monero is private by default using RingCT, stealth addresses, and ring signatures.
2. What’s special about Monero’s supply model?
Monero has a tail emission that pays 0.6 XMR every ~2 minutes forever, keeping inflation below 1% long-term and ensuring miners stay incentivized.
3. Why is ZEC seeing renewed interest in 2025?
Demand is rising due to a growing shielded pool, above 4.5M ZEC as of late October 2025, and increased institutional access through the Grayscale Zcash Trust.
4. Will EU rules affect both privacy tokens, ZEC and XMR?
Yes. Starting July 1, 2027, the EU’s AMLR plans to restrict privacy coins at regulated exchanges, which may limit trading access for both ZEC and XMR.