For builders exploring confidential stablecoin payments, Raycash offers an application of fully homomorphic encryption (FHE) on Ethereum: users can wrap stablecoins into tokens whose balances and transaction amounts are encrypted onchain.
BlockBeats reported on November 9, 2026, at 17:11:21 UTC+8 that Raycash, a stablecoin payments startup spun out of privacy protocol Zama, had launched on Ethereum mainnet in private beta. Raycash said more than 75,000 people had joined its waitlist before launch. Access would open in batches during the beta, followed by general availability.
How the confidential tokens work
Built on the Zama protocol, Raycash uses FHE to encrypt onchain balances and transaction amounts. Users can wrap stablecoins at a 1:1 ratio into confidential tokens under the ERC-7984 standard.
Those tokens can be used to send and receive payments and earn yield through Morpho, while amounts and balances remain nonpublic. Users can recover the underlying stablecoins through permissionless unwrapping—without needing approval to perform that step.
Funding, fees and viewing permissions
The application initially supports USDC. Users can fund it 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 freezing or confiscation function at the token level. Users can grant selected parties, such as accountants or auditors, permission to view their information.
A Raycard for private spending was also under development at the time of the report.