Raycash, a stablecoin payments startup spun out of privacy protocol Zama, has launched on Ethereum mainnet in private beta, according to The Block, as cited by ChainCatcher on November 9, 2026. Raycash said more than 75,000 people had joined its waiting list before launch, with access to be opened in batches during the private beta before a wider release.
How the confidential tokens work
Built on the Zama protocol, Raycash uses fully homomorphic encryption to encrypt onchain balances and transaction amounts. Users can wrap stablecoins at a 1:1 ratio into confidential tokens under the ERC-7984 standard, then use them to make and receive payments or earn yield through Morpho without publicly revealing amounts or balances.
The underlying stablecoins can be recovered through permissionless unwrapping.
USDC support and payment access
The application initially supports USDC. Users can fund accounts through bank transfers, payment cards or stablecoins, and withdraw to bank accounts. The platform 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 have no freeze or confiscation functions at the token level. Users can grant viewing access to selected parties, such as accountants and auditors.
A card product called Raycard, intended for private spending, is also in development.
Original publication: November 9, 2026, at 17:10:07 (UTC+8). Source: ChainCatcher, citing The Block.