Raycash opens a private beta for confidential USDC payments on Ethereum

Raycash, a Zama spin-off, launched an Ethereum mainnet private beta on 9 November. It says users can make USDC payments while encrypting balances and transfer amounts, with access opening in stages.

The product addresses a practical drawback of public blockchains: knowing a wallet address can reveal financial activity. Raycash describes a self-custodial app powered by Zama's encryption technology. Its website promotes payments without users managing gas and optional yield through Morpho.

The launch report describes existing stablecoins being wrapped one-for-one into confidential tokens, rather than a newly issued dollar with unrelated backing. Raycash says underlying stablecoins can be unwrapped. These are the project's descriptions of its design, not an independent security assessment.

Private payments, access to a lending vault and a future spending card have different risks and readiness. The website still labels Raycard as coming soon and retains a waitlist. A mainnet private beta therefore should not be mistaken for unrestricted availability or a finished card launch. The useful question is whether ordinary payments can avoid exposing every amount publicly; the beta is an initial test of that proposition.