For builders exploring private stablecoin payments, Raycash offers a model in which payments settle on-chain while balances and transfer amounts remain encrypted. According to The Block, as reported by TechFlow on November 9, 2026, the stablecoin payments company spun out of Zama had launched on Ethereum mainnet in an invite-only beta, with more than 75,000 people on its waitlist.
The report describes Raycash as the first retail payments product built on Zama Protocol, which uses fully homomorphic encryption (FHE).
How the token layer works
Users can wrap existing stablecoins at a 1:1 ratio into ERC-7984 privacy tokens. Settlement remains on-chain, but balances and payment amounts are not publicly visible.
According to the report:
- Redemption is permissionless.
- Wallets are self-custodial.
- The token layer has no freezing or confiscation functions.
- Users can grant selected parties, such as accountants or auditors, permission to view their financial information.
USDC is supported at launch, with other stablecoins planned for later.
Payments and app features
Raycash supports funding through bank transfers, bank cards and stablecoins, with withdrawals available to bank accounts. Users can send and receive payments instantly through payment links. Network fees are handled in the background, so users do not need to hold ETH.
The app also lets users put idle balances to work through Morpho to earn yield. Raycash is developing Raycard for private spending; the report does not describe it as already available.
Earlier Zama integrations
The report places the launch alongside earlier Zama work with Morpho and Steakhouse Financial. In June 2026, they introduced what the report describes as the first private USDC yield vault. Its total value locked grew from zero to $40 million in seven weeks. On September 15, the offering expanded to 16 private vaults, and private swaps launched on Ethereum.
Raycash CEO and co-founder Valerio Leo said users should not have to choose between stablecoin convenience and financial privacy: “We are not asking anyone to trust a new stablecoin. We are making the dollars people already use private, with the ability to exit at any time.”
Original publication: November 9, 2026, at 17:39:20 (UTC+8).
Source: TechFlow, citing The Block.