Author: Shenchao TechFlow
On November 9, 2026, Raycash, a stablecoin payment platform spun out from the cryptographic protocol Zama Official Protocol, officially launched on the Ethereum mainnet and opened its private beta. According to The Block, the application had accumulated over 75,000 users on its waitlist prior to mainnet launch, and access will be rolled out in batches during the private beta phase.
Transparent ledgers constrain the scalable adoption of commercial payments.
The annual settlement volume of global stablecoins has surpassed $15 trillion, but less than 1% is used for real-world commercial and enterprise payments. Ethereum’s transparent ledger forms the core barrier to enterprise adoption. Financial transactions, employee salaries, and supplier interactions are directly exposed on chain explorers, effectively revealing a company’s private business details.
The lack of privacy limits the penetration of crypto payments into the real economy. Most institutional clients cannot tolerate the public exposure of all transaction flows, forcing core settlement processes to remain trapped within traditional banking systems. The market urgently needs technical solutions that balance on-chain confidentiality, smart contract composability, and regulatory compliance auditing.
Fully homomorphic encryption breaks the barrier of zero-knowledge proof state computation
Traditional zero-knowledge proofs excel at verifying the validity of individual transactions but face limitations when handling shared state and dynamic multi-party computations. Fully homomorphic encryption (FHE) enables smart contracts to perform arithmetic operations directly on encrypted data without decryption, eliminating the bottleneck that prevents confidential states from running complex business logic.
Raycash uses the ERC-7984 Confidential Token Standard to wrap USDC on a 1:1 basis into confidential tokens, with account balances and transaction amounts stored entirely in encrypted form. The underlying reserve pool remains separate, and users retain the right to unwrap and redeem their assets at any time, ensuring immediate liquidity.
Integration of lending protocols enables hidden principal and yield distribution
Traditional privacy solutions often face the challenges of fragmented liquidity and missed yield opportunities. Raycash integrates with the Morpho decentralized lending protocol, leveraging fully homomorphic encryption for ciphertext computation to directly inject encrypted assets into decentralized lending pools.
Smart contracts can compute loan interest rates and distribute interest while keeping data encrypted. Both the principal and floating returns remain fully confidential, combining privacy with on-chain yield generation, overcoming the limitation that traditional privacy assets could not earn interest.
Separate freeze permissions while introducing view keys to maintain compliance
In its token architecture, Raycash employs a self-custodial wallet system. Confidential tokens completely remove blacklisting and freezing interfaces at the smart contract code level, eliminating the risk of unilateral asset seizure by centralized entities and ensuring decentralized sovereignty at the token level.
Designed for corporate accounting and compliance audits, the protocol features programmable viewing keys. Users can independently grant decryption permissions to accounting firms or regulatory authorities to effortlessly comply with anti-money laundering and statutory tax audit requirements.
Account abstraction enhances user experience and enables applications for spending cards.
To eliminate on-chain interaction friction, Raycash integrates an account abstraction solution at the core layer. All Ethereum mainnet gas fees generated from transfers or investment operations are covered by the backend, so end users do not need to hold or deposit ETH, significantly lowering the entry barrier for non-native users.
For deposits and withdrawals, the platform initially supports USDC, enabling bank wire transfers, debit card, and credit card funding, with funds also directly withdrawable to bank accounts, paving a smooth transition path for entities with limited on-chain experience.
According to the team’s disclosed roadmap, Raycash is currently in the phase of staggered onboarding for the first batch of whitelisted users on the mainnet. An unrestricted public version is expected to be released after the private testing phase is completed. Additionally, the Raycard debit card, designed specifically for everyday privacy-focused card payments, has also entered its engineering development cycle.
