Raycash, a stablecoin payments startup spun out of privacy protocol Zama, has launched on Ethereum mainnet in a private testing phase, BlockBeats reported on November 9, 2026, at 17:11 UTC+8. Raycash said more than 75,000 people had joined its waitlist before launch. It plans to grant access in batches during testing before opening the service 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. The initial supported stablecoin is USDC.
Raycash supports deposits by bank transfer, card or stablecoin, as well as withdrawals to bank accounts. It handles Ethereum gas fees in the background, so users do not need to hold ETH. Raycash describes its wallet as self-custodial and says its confidential tokens cannot be frozen or confiscated at the token level. Users can grant selected parties, such as accountants or auditors, permission to view their information. A Raycard for private spending is in development.
The report does not provide reserve information or establish that wrapping, yield use or bank withdrawals are risk-free.