Raycash, a stablecoin payments startup spun out of the Zama privacy protocol, has opened a private beta on Ethereum’s mainnet. The app lets users hold dollar balances, send peer-to-peer payments and earn yield while encrypting transaction amounts onchain. It uses Fully Homomorphic Encryption (FHE) and supports confidential token formats such as cUSDC. Sender and recipient addresses remain visible while amounts are concealed, and the self-custodial app does not issue a new token. Raycash had built an 80,000-person waitlist before the beta, but the number of users who actually deposit funds will provide a clearer measure of demand.
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