The Zama spin-off opens a private beta of the first retail payment app powered by the Zama Protocol, designed to make confidential payments simple, with more than 75,000 people already on its waitlist
9 November 2026 – Raycash, a stablecoin payment app spun out of Zama, today announced the launch of its mainnet app on Ethereum. Starting with a private beta, Raycash lets individuals hold dollars, send peer-to-peer payments and earn yield on their balance while keeping amounts confidential. With bank and card top ups, payment links and blockchain fees handled in the background Raycash makes confidential payments accessible without the usual crypto complexity. It is the first retail payment app built on the Zama Protocol, which uses Fully Homomorphic Encryption (FHE) to keep onchain balances and transaction amounts encrypted.
Stablecoins are increasingly used for saving and sending money, but on public blockchains every balance and transfer amount is visible to anyone. Raycash addresses this without creating a new asset. It wraps existing stablecoins 1:1 into confidential tokens based on ERC-7984, the confidential token standard built on Zama’s Fully Homomorphic Encryption. Payments settle onchain as usual, while balances and amounts stay encrypted. Users can wrap and unwrap at any time without permission, so they always keep access to the underlying stablecoin.
At launch, Raycash users can:
- Add and withdraw money top up by bank transfer, card or stablecoin (starting with USDC, with other stablecoins to follow), and withdraw funds to a bank account.
- Send, request and receive payments instantly using payment links, and receive dollars as stablecoins from others, with transaction amounts kept confidential and blockchain fees handled in the background.
- Interact onchain without holding ETH Raycash handles network fees in the background, so users don’t need to buy or manage ETH to transact.
- Earn yield privately on idle balances through Morpho, directly from the app.
- Stay in control of their funds with a self-custodial wallet. Raycash’s confidential tokens have no freeze or seize functions at the token layer.
- Share only what they choose through selective disclosure: users can grant view access to specific parties, such as an accountant or an auditor, without making their activity public.
Ahead of launch, more than 75,000 people joined the Raycash waitlist. Access will open to waitlist members in stages during the private beta, with broader availability to follow. A Raycard for private spending is in development.
Valerio Leo, CEO and Co-Founder of Raycash
, said:
“People shouldn’t have to choose between the benefits of stablecoins and keeping their financial information confidential. Today, using dollars onchain means putting your balance and every payment on a public display. But privacy alone isn’t enough, it has to be easy. Raycash gives people a single app to hold, send and grow their money, with the confidentiality of cash. 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 response to our waitlist shows how much demand there is for that, and we’re excited to start bringing users onboard.”
Rand Hindi, Co-Founder and CEO of Zama
, said:
“Confidentiality is what will bring the next hundreds of millions of people onchain, and payments are where they will feel it first. Raycash is exactly the kind of product we built the Zama Protocol for: a simple consumer app where encryption works in the background and users never have to think about it. We’re proud to see a team from Zama take this to market, and Raycash is a clear demonstration that private, everyday finance on public blockchains is now a reality.”
Users can join the waitlist at www.raycash.xyz .
About Raycash
Raycash is building an onchain banking layer centred on self-custody and confidential stablecoins. Rather than issuing new assets, Raycash wraps existing stablecoins 1:1 into ERC-7984 confidential tokens built on the Zama Protocol, keeping balances and transaction amounts encrypted while preserving the usability of the underlying stablecoin. The platform supports permissionless wrapping and unwrapping, and privacy-preserving compliance through selective disclosure. Raycash was spun out of Zama in 2026 and is led by CEO and Co-Founder Valerio Leo. Learn more at
www.raycash.xyz
.
About Zama
Zama is the fastest growing confidentiality protocol for onchain finance. By leveraging Fully Homomorphic Encryption (FHE), it enables digital assets to be issued, managed, and traded privately on existing public blockchains such as Ethereum and Solana. Founded by FHE pioneer Dr. Pascal Paillier and entrepreneur Dr. Rand Hindi, Zama brings together one of the world’s largest teams of FHE researchers and engineers and supports a global ecosystem of developers building confidential applications.
zama.org
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