Raycash, which spun out of Zama, has launched a private beta of its payment app on Ethereum, aiming to keep USDC amounts and balances confidential.
Raycash, which spun out of the Zama privacy protocol, lets users hold dollars, send and receive payments instantly, and earn yield on their balances on Ethereum mainnet. According to a company statement shared exclusively with The Block, the app is the first consumer payment product built on the Zama Protocol.
The app initially supports USDC in private beta; users can add funds by bank transfer, card, or depositing USDC, and withdraw their balances to a bank account. Users can send, request, and receive money through payment links. Raycash said more than 75,000 people had joined the waitlist before launch and that beta access would open in stages.
How does Raycash keep USDC payments private?
Raycash says the USDC it initially supports is converted at a 1:1 ratio into confidential tokens based on the ERC-7984 standard. Payments take place on Ethereum while transaction amounts and balances remain encrypted. Users can grant specific people, such as accountants or auditors, permission to view account activity if they wish; they can also convert the tokens back into underlying USDC and withdraw it.
Raycash says users can earn yield privately on idle balances through Morpho. Raycash also says it manages Ethereum transaction fees in the background, so users do not need to keep ETH in their wallets to pay fees.
Not investment advice.