Raycash Launches on Ethereum Mainnet, Offering Privacy Stablecoin Payments and Yield Features

Raycash has launched on the Ethereum mainnet and is currently in private testing, with over 75,000 people joining the waitlist. Raycash is based on the Zama protocol and utilizes Fully Homomorphic Encryption (FHE) technology to encrypt on-chain balances and transaction amounts. Users can wrap stablecoins 1:1 into ERC-7984 confidential tokens for payments and receipts, and earn yields through Morpho, with amounts and balances kept private; the underlying stablecoins can be retrieved through permissionless unwrapping. Initially, USDC is supported, with deposits via bank transfer, credit card, or stablecoin, and withdrawals to bank accounts, while Ethereum gas fees are covered by the platform, so users do not need to hold ETH. Raycash's wallet is a self-custodial wallet, and confidential tokens do not have freezing or confiscation capabilities, allowing users to grant viewing permissions to specific parties. A Raycard for private spending is currently under development.