Raycash, a stablecoin payments startup spun out of privacy protocol Zama, has launched on Ethereum mainnet in a private testing phase, Foresight News reported on November 9, 2026, citing The Block. Raycash said more than 75,000 people had joined its waitlist before launch. It plans to grant access in batches before opening the app more broadly.
Built on Zama’s protocol, Raycash uses fully homomorphic encryption (FHE) to conceal on-chain balances and transaction amounts. Users can wrap stablecoins 1:1 into tokens under the ERC-7984 confidential token standard for payments and receipts, or use them to earn yield through Morpho. The underlying stablecoins can be recovered through permissionless unwrapping. USDC is the stablecoin supported initially; the report does not describe a reserve change or a new USDC redemption arrangement.
The app supports funding by bank transfer, card or stablecoin, and withdrawals to bank accounts. Raycash handles Ethereum gas fees in the background, so users do not need to hold ETH. According to Raycash, its wallet is self-custodial, its confidential tokens cannot be frozen or confiscated at the token level, and users can grant selected parties, such as accountants or auditors, permission to view information. A Raycard for private spending remains in development.
Original report: Foresight News · Published November 9, 2026, 17:07 UTC+8.