According to ChainCatcher citing The Block, stablecoin payments startup Raycash, spun out of privacy protocol Zama, has launched on Ethereum mainnet and entered private beta. Raycash said more than 75,000 people joined its waitlist before launch; access will open in batches during the beta before a broader release.
Built on Zama’s protocol, Raycash uses fully homomorphic encryption to conceal on-chain balances and transaction amounts. Users can wrap stablecoins 1:1 into confidential tokens under the ERC-7984 standard for payments and transfers, and earn yield through Morpho. The underlying stablecoins can be permissionlessly unwrapped. The app initially supports USDC, with deposits available via bank transfer, bank card, or stablecoin and withdrawals to bank accounts. Raycash handles Ethereum gas fees in the background, so users do not need to hold ETH.
Raycash said its wallet is self-custodial and that confidential tokens cannot be frozen or seized at the token level. Users can grant selected parties, such as accountants and auditors, access to view transaction information. A Raycard for private spending is in development.