Raycash, a startup originating from the Zama confidentiality protocol, has launched a private beta on the Ethereum mainnet. The platform enables users to hold dollar-pegged assets, execute peer-to-peer transfers, and generate yield while keeping transaction amounts encrypted on-chain.
The service utilizes Fully Homomorphic Encryption (FHE), which allows network computations on encrypted data without the need for decryption. Users deposit funds into confidential formats like cUSDC. While transaction amounts remain hidden from the public ledger, sender and recipient addresses are still traceable.
The application operates as a self-custodial solution and does not issue a native token. As of November 2, 2026, the project had accumulated a waitlist of 80,000 individuals. Raycash is the first retail-focused product developed using the Zama Protocol.
The underlying Zama protocol launched on December 30, 2025, featuring the first confidential transfer of cUSDT. By January 2026, Zama introduced the Total Value Shielded (TVS) metric, following a token auction that shielded over $121 million. In June 2026, the protocol expanded to include yield vaults in collaboration with Morpho and Steakhouse.
