Zama spin-off Raycash launches confidential stablecoin payments and private yield on Ethereum

What happened

Raycash, a payments startup spun out of Zama, launched on Ethereum mainnet in a private beta. It lets users hold dollars, send payments, and earn yield while keeping transaction amounts confidential. It initially supports USDC, with deposits by bank transfer, card, or stablecoin and withdrawals to bank accounts.

Confirmed

Global impact / market context

The app combines payments and yield with confidential transaction amounts, potentially making onchain dollars more appealing to people who value privacy. If adoption grows, greater USDC use could increase activity on Ethereum and demand for confidential financial tools, though the beta does not establish sustained demand.

Analyst inference

Raycash builds on Zama’s existing Ethereum work: its confidential USDC yield vault with Morpho and Steakhouse Financial reached $40 million in funds deposited within seven weeks, and Zama later expanded to 16 confidential vaults. These figures show prior product activity, not Raycash adoption or future revenue.

Analyst inference

What to watch

1. Track how many of the more than 75,000 waitlisted people gain access and become active users as Raycash opens the private beta in stages. Confirmed
2. The project plans to add more stablecoins beyond USDC; watch for launch details, since broader support could widen payment options and affect which stablecoins users hold. Proposed
3. Observe whether users make repeat payments and keep balances in the app; sustained use could support yield-related activity, while weak use would limit its commercial impact. Analyst inference

Affected assets

• ETH — Ethereum
• USDC — USD Coin

Evidence

• theblock.co