For builders exploring private stablecoin payments, Raycash offers an example of keeping balances and transaction amounts confidential on Ethereum. The stablecoin payments startup, spun out of privacy protocol Zama, had launched on Ethereum mainnet and entered private beta, according to ChainCatcher’s November 9, 2026 report citing The Block.
How the confidential tokens work
Built on the Zama protocol, Raycash uses fully homomorphic encryption to encrypt on-chain balances and transaction amounts. Users can wrap stablecoins at a 1:1 ratio into confidential tokens under the ERC-7984 token standard. These tokens can be used to send and receive payments and earn yield through Morpho, without publicly revealing amounts or balances.
The underlying stablecoins can be recovered through permissionless unwrapping—converting the confidential tokens back without needing approval.
Funding and wallet access
Raycash initially supports USDC. Users can fund their accounts through bank transfers, bank cards or stablecoin deposits, and withdraw to bank accounts. The platform handles Ethereum gas fees in the background, so users do not need to hold ETH to use the application.
Raycash describes its wallet as self-custodial and says its confidential tokens have no token-level freezing or confiscation functions. Users can grant viewing access to selected parties, such as accountants or auditors.
Private-beta rollout
Raycash said more than 75,000 people had joined its waitlist before launch. Access was to open in batches during the private beta, followed by broader availability. Raycard, a card intended for private spending, was also under development at the time of the report.
Original publication: November 9, 2026, at 17:10:07 (UTC+8). Source: ChainCatcher, citing The Block.