Raycash opens private beta for encrypted dollar payments on Ethereum

Raycash is open for business — quietly. The stablecoin payments startup, spun out of confidentiality protocol Zama, launched on Ethereum mainnet in private beta, letting users hold dollar balances, fire off peer-to-peer payments and earn yield with the amounts encrypted onchain. The app routes deposits into confidential token formats such as cUSDC. From there, users can send funds to others or park the balance in yield, with the numbers kept off the public ledger. Transaction amounts stay hidden, but sender and recipient addresses are still traceable onchain. The build is self-custodial — users hold their own keys rather than handing funds to Raycash — and it issues no new token. Under the hood sits Fully Homomorphic Encryption, which lets the network compute on encrypted data without decrypting it first, so a payment can be processed without exposing its value. According to a statement shared exclusively with The Block, Raycash is the first retail payment product built on the Zama Protocol.

Zama's own rails have been running since December 30, 2025, when its protocol went live with the first confidential stablecoin transfer using cUSDT, a private version of Tether's dollar token. In January 2026 the team introduced Total Value Shielded, a metric tracking how much value sits inside its encrypted system, after shielding more than $121 million during its token auction. By June 2026 the protocol had pushed into confidential stablecoin yield vaults, built with lending protocol Morpho and risk curator Steakhouse.

Demand signals were already loud before the doors opened: Raycash had stacked an 80,000-person waitlist as of November 2, 2026. Two questions now hang over the rollout. One is speed — FHE computation has historically been resource-hungry, and payments apps live or die on throughput. The other is conversion, since how many of those 80,000 actually deposit funds will say more than the waitlist number ever did.