75,000 Queue Up to Experience 'Invisible Stablecoin': Raycash Launches on Ethereum Mainnet, Enabling Hidden USDC Transfer Amounts and Yield Generation
Author: TechFlow
On November 9, 2026, the stablecoin payment platform Raycash, spun off from the cryptographic protocol Zama official protocol, officially launched on the Ethereum mainnet and initiated its private beta testing. According to disclosures from The Block, the application had already amassed over 75,000 waitlist users prior to the mainnet launch, with usage privileges being granted in batches during the private beta phase.
Transparent Ledgers Hinder Scalable Adoption of Commercial Payments
The global annual settlement volume of stablecoins has exceeded $15 trillion, yet payments for physical commerce and enterprise-level transactions account for less than 1%. The transparent nature of the Ethereum ledger constitutes a core barrier for enterprises adopting blockchain. Financial records, employee payroll, and supplier interactions are directly exposed on-chain browsers, effectively laying bare business secrets to the public.
The lack of privacy limits the penetration of crypto payments into the real economy. Most institutional clients cannot tolerate publicly visible transaction flows across the network, forcing core settlements to remain within traditional banking systems. The market urgently needs a technical solution that balances on-chain confidentiality, smart contract composability, and compliance auditing.
Fully Homomorphic Encryption Breaks Through State Computation Barriers of Zero-Knowledge Proofs
Traditional zero-knowledge proofs excel at verifying individual transaction validity but face limitations when handling shared states and multi-party dynamic computations. Fully homomorphic encryption (FHE) allows smart contracts to perform arithmetic operations directly on ciphertext without decryption, eliminating the bottleneck that prevents complex businesses from operating in hidden states.
Raycash adopts the ERC-7984 Confidential Token Standard, wrapping USDC 1:1 into confidential tokens. Account balances and transaction amounts are stored entirely as ciphertext. The underlying reserve pool remains independent, granting users the right to unwrap and redeem at any time, thereby ensuring instant asset liquidity.
Lending Protocol Integration Enables Hidden Principal and Revenue Distribution
Conventional privacy solutions often struggle with isolated capital silos and lack of yield generation. Raycash has integrated the Morpho decentralized lending protocol, leveraging FHE's ciphertext computation capabilities to directly channel wrapped confidential assets into decentralized lending pools.
Smart contracts can calculate loan interest rates and distribute yields while the data remains in ciphertext. Principal holdings and floating earnings are never disclosed externally, balancing fund confidentiality with on-chain yield generation, and breaking the limitation that traditional privacy assets cannot participate in interest-bearing activities.
Removing Freeze Permissions and Introducing Viewing Keys Balances Compliance
In terms of token architecture design, Raycash utilizes a self-custody wallet system. At the smart contract code level, confidential tokens completely remove blacklist and freeze interfaces, eliminating the risk of unilateral asset confiscation by centralized entities and ensuring decentralized sovereignty at the token level.
To support corporate bookkeeping and compliance reviews, the protocol incorporates programmable viewing keys. Users can independently authorize transaction decryption permissions to accounting firms or regulatory authorities, allowing them to handle anti-money laundering (AML) and statutory tax audits with ease.
Account Abstraction Optimizes Experience and Paves the Way for Consumer Card Use Cases
To eliminate on-chain interaction friction, Raycash integrates an account abstraction solution at the base layer. All Ethereum mainnet gas fees incurred from transfers or financial management operations are paid for by the backend, meaning end users do not need to hold or top up ETH, significantly lowering the entry barrier for non-native users.
Regarding fiat on-ramps and off-ramps, the platform's initial phase supports USDC, enabling funding via bank wire transfers, debit cards, and credit cards. Funds can also be directly withdrawn to bank accounts, paving a smooth transition path for physical enterprises lacking blockchain experience.
According to the team's announced roadmap, Raycash is currently in the phased approval stage for its first batch of whitelisted mainnet users. The permissionless public version is expected to open after the completion of private beta testing. Meanwhile, the Raycard debit card product, specifically designed for daily privacy-enabled card swiping consumption, has simultaneously entered the engineering development cycle.