Raycash has opened a private beta of its payment app on Ethereum mainnet. The app is a spin-off from Zama and is aimed at everyday users who want to hold dollars, send payments and earn yield without making balances public. More than 75,000 people are already on the waitlist. Access will be rolled out in stages, with wider availability later.
What the app does
At launch, users can keep stablecoin dollars in the app, send peer-to-peer payments, and earn yield on their balance. Bank and card top ups are supported. Payment links are also part of the setup, and blockchain fees are handled in the background. The goal is to remove the usual crypto steps while keeping transaction amounts confidential.
Raycash does not issue a new stablecoin. Instead, it wraps existing stablecoins 1:1 into confidential tokens using ERC-7984, a token standard built on the Zama Protocol. Zama uses Fully Homomorphic Encryption, or FHE, to keep onchain balances and transfer amounts encrypted. Payments still settle on Ethereum as usual. Users can wrap and unwrap at any time without permission, so they retain access to the underlying stablecoin.
Why privacy matters for stablecoin payments
Stablecoins are used more often for saving and sending money. But on public blockchains, balances and transfer amounts are visible to anyone. That creates a practical problem for people who do not want their financial activity on display. Raycash is trying to address that without asking users to trust a new asset. The app takes dollars people already use and makes them private, with a route back out whenever they want.
Valerio Leo, CEO and co-founder of Raycash, said people should not have to choose between stablecoin benefits and financial confidentiality. He argued that privacy alone is not enough if the product is hard to use. Rand Hindi, co-founder and CEO of Zama, said confidentiality is what will bring more people onchain, and payments are where they will feel it first.
Beta access and what comes next
The private beta will open to waitlist members in stages. A Raycard for private spending is in development, though no launch date was given. Raycash also says it supports privacy-preserving compliance through selective disclosure. The company was spun out of Zama in 2026 and is led by Leo.
For now, the mainnet launch is a test of whether confidential stablecoin payments can feel normal to retail users. The waitlist suggests demand. The harder question is whether the app can keep the experience simple as it expands beyond early users.
