Raycash, a stablecoin payments company spun out of the fully homomorphic encryption protocol Zama, has launched an invite-only beta on Ethereum mainnet. TechFlow reported on November 9, 2026, citing The Block, that its waitlist exceeded 75,000 people.
Raycash lets users wrap existing stablecoins 1:1 into ERC-7984 privacy tokens. Payments still settle on-chain, but balances and transfer amounts are not publicly visible. According to the report, wallets are self-custodial, redemption is permissionless, and the token layer has no freeze or seizure function. Users can grant selected parties, such as accountants or auditors, access to view their information.
USDC is supported initially, with other stablecoins planned. The report says users can add funds by bank transfer, payment card or stablecoin, withdraw to a bank account, and send or receive funds through payment links. Network fees are handled in the background, so users do not need to hold ETH.
Raycash also offers access to Morpho for users seeking yield on idle balances and is developing a Raycard for private spending. As background, TechFlow reported that Zama launched a private USDC yield vault with Morpho and Steakhouse Financial in June 2026; assets locked in it rose from zero to $40 million over seven weeks. By September 15, the effort had expanded to 16 private vaults, and Zama had launched private swaps on Ethereum.
Raycash co-founder and CEO Valerio Leo described the approach as making stablecoins people already use private, rather than asking them to trust a new stablecoin. That is his characterization of the product, not evidence about the backing or redemption terms of any underlying stablecoin.
Original report — TechFlow, published November 9, 2026, at 17:39 UTC+8
