I'm sure this will sour some people but both Playboy and Players have featured transgendered women.
Playboy officially published three transgender women, Carolina Cossey, Ines Rau and Geena Rocco.
Players published Ajita Wilson in 1982, also Ajita's pictures did show her "vagina". While the trannies who posed for Playboy only showed their "breasts"
Playboy was always a liberal-leaning publication and in a way it was to be expected but I'm not sure what Players was thinking, unless they didn't know Ajita Wilson was a trans.