Zama spin-off project Raycash launches on Ethereum mainnet, offering private stablecoin payments and yield features.

BlockBeats news, November 9th: Raycash, a stablecoin payment startup spun off from privacy protocol Zama, has launched on the Ethereum mainnet and is currently in private beta. Raycash stated that over 75,000 people joined the waitlist prior to launch, and access will be gradually opened in batches during the private beta before a full public release.

Raycash is built on the Zama protocol and uses fully homomorphic encryption (FHE) technology to encrypt on-chain balances and transaction amounts. Users can wrap stablecoins 1:1 into tokens under the ERC-7984 confidential token standard for payments and collections, and earn yield through Morpho, with amounts and balances kept private; the underlying stablecoins can be redeemed through permissionless unwrapping.

The app initially supports USDC, with deposits via bank transfer, bank card, or stablecoin, as well as withdrawals to bank accounts. Ethereum gas fees are handled by the platform in the background, so users do not need to hold ETH. Raycash stated that its wallet is self-custodial, confidential tokens have no freeze or seizure functionality at the token level, and users can grant viewing permissions to specific parties such as accountants and audit firms. Additionally, Raycard, designed for private spending, is under development.