For builders exploring private stablecoin payments, Raycash offers a model in which on-chain balances and transaction amounts are encrypted. The stablecoin payments startup, spun out of privacy protocol Zama, has launched on Ethereum mainnet and is in private beta, according to The Block as reported by Foresight News.
Original report published: November 9, 2026, at 17:07 (UTC+8).
How the confidential tokens work
Raycash is built on the Zama protocol and uses fully homomorphic encryption (FHE) to encrypt on-chain 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, with amounts and balances kept private. The underlying stablecoins can be retrieved through permissionless unwrapping.
Initial support and wallet controls
The application initially supports USDC. Users can fund it through bank transfers, bank 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 token-level freezing or confiscation functionality. Users can grant viewing access to specific parties, such as accountants and auditors.
Access remains limited
Raycash said more than 75,000 people had joined its waitlist before launch. Access will be opened in batches during the private beta, followed by broader availability. Raycard, intended for private spending, is also under development.