Raycash, a privacy-focused stablecoin payment startup spun out of Zama, has launched on the Ethereum mainnet and is currently in private testing. Over 75,000 people joined the waiting list before launch, and access will be opened in batches during the private testing period.
Raycash is built on the Zama protocol and uses fully homomorphic encryption to encrypt on-chain balances and transaction amounts. Users can encapsulate stablecoins at a 1:1 ratio into ERC-7984 confidential tokens for payments, receiving payments, and earning rewards through Morpho. The underlying stablecoins can be uncaptured and retrieved without permission.
Initially, the application supports USDC, bank transfers, bank card deposits, and stablecoin withdrawals. Ethereum gas fees are handled by the platform. The Raycash wallet is a self-custodied wallet; confidential tokens cannot be frozen or confiscated, and users can grant viewing permissions to specific parties. Raycard is currently under development.
