Raycash, a stablecoin payments startup spun out of FHE developer Zama, has gone live on Ethereum mainnet in private beta. The app uses fully homomorphic encryption to hide onchain balances and transfer amounts, while sender and receiver addresses stay visible for compliance.

Users wrap stablecoins 1:1 into ERC-7984 confidential tokens to send and receive payments, and can earn yield through Morpho vaults with amounts kept private. USDC is supported at launch, with deposits via bank transfer, card or stablecoins, and gas paid by the platform so users do not need to hold ETH.

More than 75,000 people joined the waitlist before launch; access will open in batches ahead of a full rollout.

The wallet is self-custodial, and the confidential tokens have no freeze or seizure function at the token level. Users can grant viewing access to auditors or accountants, and a private spending card, Raycard, is in development.