Raycash, a spin-off from privacy technology firm Zama, opened a private beta on Ethereum mainnet on November 9, 2026, for confidential USDC payments and idle-balance yield. The product wraps ordinary USDC 1:1 into ERC-7984 confidential tokens, with balances and payment amounts kept encrypted through Fully Homomorphic Encryption. The company said more than 75,000 people joined a waitlist, and access will roll out in stages before a wider release. Additionally, 500 private-beta spots are reserved for the Zama community.
The app does not ask users to trust a new stablecoin. Instead, it takes USDC they already hold and makes it private. Raycash says unwrapping is permissionless, wallets are self-custodial through Privy, and the confidential tokens carry no freeze or seize functions at the token layer. Users can grant view access to named parties such as an accountant or auditor. Deposits can arrive by bank transfer, card, or stablecoin, and withdrawals can return to bank accounts. Payment links handle send, request, and receive, while network fees are managed in the background, so users do not need to hold ETH for gas.
Idle balances can earn yield through Morpho from inside the app, and a private spending card branded Raycard is listed as coming soon. Zama launched a Morpho vault curated by Steakhouse Financial for confidential USDC deposits in June 2026, and later said that first vault grew from zero to more than $40 million in shielded TVL within seven weeks. On September 15, Zama expanded to 16 confidential Morpho vaults across five curators and five asset classes, alongside confidential swaps.
“People shouldn’t have to choose between the benefits of stablecoins and keeping their financial information confidential,” said Raycash CEO and co-founder Valerio Leo. “We don’t ask anyone to trust a new stablecoin: we take the dollars people already use and make them private, and they can move back out whenever they want.”
The technical mechanism relies on ERC-7984, a confidential fungible token standard drafted on ethereum.org. The client encrypts the transfer amount on-device before submission; coprocessors perform balance checks, subtraction, and addition on ciphertext; and access control determines who may decrypt. The chain still records that a transfer happened, but does not publish the amount. Raycash is not minting a competing stablecoin; it is productizing a privacy layer for existing USDC.
Public materials so far do not break out how many waitlist users are live in the beta, how much USDC is wrapped through Raycash, or when Raycard ships. Selective disclosure for accountants and regulators is designed into the stack, but acceptance by banks, payroll providers, and supervisors remains ahead of the invite list.
