understand, but how do you see it to be executed on technical level?

Stablecoin providers like Tether use payment rails (liquid, solana, ethereum and whatever else they use) that are permission less in terms of accesing the network and don't have built in authentication methods.

If you request a stablecoin directly from the issuer, then most likely KYC will be required. But once a stablecoin coin is in circulation, the wallet owners can't be forced to reveal their identity. Anybody can download wallet app and be free to send and receive stablecoins.

What am I missing?