Raycash, a stablecoin payments startup spun out of confidentiality protocol Zama, launched on Ethereum mainnet through a private beta, The Block reported on November 9, 2026, at 17:00 UTC+8. The app initially supports USDC, allowing users to wrap it into confidential tokens for payments and access yield through Morpho.
According to a statement shared with The Block, Raycash is the first retail payment product built on the Zama Protocol. It uses Fully Homomorphic Encryption (FHE) to encrypt onchain balances and transaction amounts while payments continue to settle on Ethereum.
How the confidential tokens work
Raycash said users can wrap existing stablecoins 1:1 into ERC-7984 tokens, a confidential token standard built using Zama’s FHE technology. The project said the underlying stablecoins can be withdrawn through permissionless unwrapping.
The mechanism wraps existing stablecoins rather than introducing a new underlying stablecoin. Raycash described its wallet as self-custodial and said the confidential tokens have no freeze or seize functions at the token layer. That statement concerns the confidential tokens, not a broader guarantee about the underlying stablecoin.
Users can grant selected parties, such as an accountant or auditor, access to view their activity without making it public, according to the project.
Payments, funding and yield
At launch, Raycash said the app supports:
- Deposits by bank transfer, card or stablecoin, and withdrawals to bank accounts.
- Sending, requesting and receiving payments instantly through payment links.
- Receiving dollars from other users in stablecoin form.
- Ethereum network fees handled in the background, so users do not need to hold ETH for gas.
- Private yield on idle balances through Morpho, accessible directly from the app.
Additional stablecoins are planned. A Raycard for private spending was also in development at the time of the report.
Raycash said more than 75,000 people had joined its waitlist ahead of launch. Access was opening in stages during the private beta, with broader availability to follow.
Earlier confidential-yield rollout
The launch followed Zama’s first confidential USDC yield vault, introduced in June with Morpho and Steakhouse Financial. The Block reported that the vault reached $40 million in total value locked within seven weeks. Zama expanded the lineup to 16 confidential vaults on September 15 and also launched private swaps on Ethereum.
“People shouldn’t have to choose between the benefits of stablecoins and keeping their financial information confidential,” Raycash CEO and co-founder Valerio Leo said.
Original article: The Block — published November 9, 2026, at 17:00 UTC+8.