Raycash Opens Ethereum Beta for Private Stablecoin Payments

Raycash has opened an Ethereum mainnet beta for private stablecoin payments, with the startup saying its system encrypts user balances and transaction amounts on the network.

The startup, spun out of privacy protocol developer Zama, says more than 75,000 people joined its waitlist before launch. Beta access will open in batches before the service becomes more broadly available.

Raycash says the service initially supports USD Coin (USDC). Users can convert stablecoins at a 1:1 rate into tokens under the ERC-7984 confidential token standard, then send or receive payments or earn yield through Morpho. The underlying stablecoins can be retrieved through a permissionless unwrapping process.

The company says users can add funds through bank transfers, bank cards or stablecoins and withdraw to bank accounts. Raycash handles Ethereum gas fees in the background, so users do not need to hold Ether (ETH).

Raycash describes its wallet as self-custodial and says its confidential tokens have no freeze or confiscation function at the token level. Users can grant viewing access to selected parties, such as accountants or auditors. Raycash is also developing Raycard for private spending.