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Raycash, a stablecoin payments startup spun out of confidentiality protocol Zama, is now live on Ethereum mainnet through a private beta.
The app lets users hold dollars, send peer-to-peer payments and earn yield, all while keeping the amounts involved encrypted onchain.
According to a statement shared exclusively with The Block, Raycash is the first retail payment product built on the Zama Protocol.
How Raycash keeps your balance to itself
The underlying technology is Fully Homomorphic Encryption, or FHE. It allows computations on encrypted data without decrypting it first, so the network can process a payment without exposing the value being moved.
On Raycash, users deposit funds into confidential token formats such as cUSDC. From there, they can transfer to other users or park the balance to earn yield, with the numbers hidden from the public ledger.
Transaction amounts are concealed, but sender and recipient addresses remain traceable onchain.
The app is also self-custodial, meaning users control their own funds rather than handing them to Raycash. And it does not issue any new token.
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Building on a year of Zama milestones
The Zama protocol went live on December 30, 2025, and that launch included the first confidential stablecoin transfer using cUSDT, a confidential version of Tether’s dollar token.
In January 2026, Zama introduced a metric it calls Total Value Shielded, or TVS. The figure tracks how much value sits inside its encrypted system, and Zama rolled it out after shielding over $121 million during its token auction.
By June 2026, the protocol had expanded into confidential stablecoin yield vaults, built in partnership with lending protocol Morpho and risk curator Steakhouse.
Raycash had built an 80,000-person waitlist as of November 2, 2026, ahead of opening the doors to beta users.
What this means for stablecoins and onchain privacy
By keeping addresses visible and hiding only amounts, Raycash is betting on a middle path between full transparency and full anonymity.
For Zama, the stakes are about proving its technology has real demand beyond protocol-level milestones. The partnership with Morpho and Steakhouse on confidential vaults suggests established players see encrypted finance as worth experimenting with.
There are open questions worth tracking as the beta rolls out. Performance is one: FHE computation has historically been resource-intensive, and payments apps live or die on speed.
Conversion is another. How many of those 80,000 waitlisted users actually deposit funds will be a cleaner signal of demand than the waitlist itself.
