Raycash: Global Money Account, Running on Confidential Stablecoins

March 10, 2026

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The Zama Team

Traditional banking was built for a different world. Payments designed around business hours, infrastructure that predates the internet, and a trust model built on institutional balance sheets, these weren't flaws, they were the best tools available at the time.

But the world has changed. Users increasingly expect 24/7 access, instant global transfers, and direct control over their own funds. The gap between what people expect and what legacy infrastructure can deliver has quietly widened.

Early adopters turned to decentralized finance, particularly onchain stable digital currencies — known as stablecoins — pegged to fiat currencies like the dollar or euro, hoping it would close that gap...

For the growing number of people who expect their money to run on better rails, and fit with their lives instead of the other way round, this gap is felt.

But public blockchains introduced a new problem. Financial activity onchain is fully exposed. Balances are visible, transactions can be traced, and relationships between senders and recipients can be mapped with ease.

For individuals, this is understandably uncomfortable. For businesses, it’s a non-starter. Salaries, invoices, and supplier lists are commercially sensitive, and publishing them on a transparent ledger is simply unacceptable.

A recent wave of projects has attempted to fix this by creating confidential stablecoins. Yet despite offering privacy, hiding financial activity from everyone (including regulators) makes compliance nearly impossible and prevents integration with traditional banking infrastructure.

This leaves users stuck between three problematic extremes:

Banked fiat currency with poor UX and counterparty risk,
Onchain stablecoins that reveal all your activity,
Onchain confidential stablecoins that cannot operate within regulated finance.

Introducing Raycash

At Raycash, they are building what neither traditional banks nor public blockchains can deliver: a way to hold and move money that is private, compliant, and fully under the user’s control.

Meaning that if a user's life doesn't fit neatly inside one country, one currency, or one institution, with Raycash it's supported anyway.

Their approach is grounded in three requirements that existing financial systems still fail to combine:

Self-custody: users should control their money end-to-end, without relying on a bank’s balance sheet.
Confidentiality: balances and transaction amounts must remain private, not broadcast on a public ledger.
Compliance: activity must be verifiable where required so individuals and businesses can interact with regulated finance.

Built around these core principles, the Raycash app delivers a Revolut-style banking experience (IBANs, cards, on/off-ramps, yield) but rebuilt onchain and fully self-custodial, meaning they never have access to user funds.

Bank-grade privacy is powered by Zama’s Fully Homomorphic Encryption (FHE), keeping user activity encrypted end-to-end, post-quantum secure, while providing the regulatory visibility required for compliance.

It’s a simple concept with a powerful outcome: private digital dollars only you control, accepted everywhere.

How it works

Raycash delivers compliant privacy through a simple five-step process:

1. Deposit

Users deposit stablecoins into Raycash. Instead of issuing a new asset, Raycash supports widely adopted stablecoins (such as USDC and USDT) for maximum trust and compatibility.

At this point, the funds remain public onchain, just like any standard DeFi transaction.

2. Quarantine and screening

Each deposit enters a short quarantine window. During this period, Raycash’s screening tools check for stolen, sanctioned or high-risk funds.

Only deposits that pass screening are eligible to become confidential, ensuring privacy is granted only after compliance requirements are met.

3. Become private

Once cleared, deposits are wrapped into confidential stablecoins. This breaks the direct onchain link between a user’s public deposit, their private balance and any future withdrawals.

4. Use confidentially

After funds become confidential, users can pay, save and earn yield without exposing their financial activity, as Zama’s FHE keeps every balance and transaction amount encrypted end-to-end, even on public blockchains.

For peer-to-peer payments, sender and receiver addresses remain visible onchain to maintain the compliance-critical transparency regulators expect, while the amounts stay fully private.

5. Exit at any time

Users can convert confidential stablecoins back into standard stablecoins at a 1:1 rate whenever they choose.

Why this matters for the Zama Ecosystem

Raycash represents the first time private, compliant, self-custodial finance is available in a product that doesn't require technical expertise to use.

Raycash is powered by Zama and shows, in a real product, what encrypted computation makes possible: everyday financial activity running entirely on private data.

For the Zama ecosystem and its contributors, this matters for three key reasons:

Raycash demonstrates that encrypted computation can support a full consumer and business finance experience without compromising usability.
As Raycash scales, every payment, balance update, and calculation increases the volume of encrypted computation flowing through the Zama Protocol.
The same confidential rails that power Raycash can be used for payroll, treasury, trading, lending, and other onchain financial applications.

Raycash marks a turning point for the onchain banking industry. Private, compliant decentralized finance is no longer theoretical. With Raycash and Zama, it’s now real - and it just works.

Get involved with Raycash

The Raycash app launches in H1 2026. If you want to be among the first to try it:

Join the waitlist at raycash.xyz: Get early access and help shape the first public release of the Raycash app.‍
Follow Raycash on X: Stay updated on launch milestones, new features, and company announcements.‍
Join the Raycash community on Telegram: Ask questions, share feedback, and connect with others following their journey.

Additional Links

Read the Zama Litepaper
Follow Zama on X and Telegram
Building with Zama? Contact the team.

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Privacy is necessary for an open society in the electronic age. Privacy is not secrecy. A private matter is something one doesn't want the whole world to know, but a secret matter is something one doesn't want anybody to know. Privacy is the power to selectively reveal oneself to the world.If two parties have some sort of dealings, then each has a memory of their interaction. Each party can speak about their own memory of this; how could anyone prevent it? One could pass laws against it, but the freedom of speech, even more than privacy, is fundamental to an open society; we seek not to restrict any speech at all. If many parties speak together in the same forum, each can speak to all the others and aggregate together knowledge about individuals and other parties. The power of electronic communications has enabled such group speech, and it will not go away merely because we might want it to.Since we desire privacy, we must ensure that each party to a transaction have knowledge only of that which is directly necessary for that transaction. Since any information can be spoken of, we must ensure that we reveal as little as possible. In most cases personal identity is not salient. When I purchase a magazine at a store and hand cash to the clerk, there is no need to know who I am. When I ask my electronic mail provider to send and receive messages, my provider need not know to whom I am speaking or what I am saying or what others are saying to me; my provider only need know how to get the message there and how much I owe them in fees. When my identity is revealed by the underlying mechanism of the transaction, I have no privacy. I cannot here selectively reveal myself; I must always reveal myself.Therefore, privacy in an open society requires anonymous transaction systems. Until now, cash has been the primary such system. An anonymous transaction system is not a secret transaction system. An anonymous system empowers individuals to reveal their identity when desired and only when desired; this is the essence of privacy.Privacy in an open society also requires cryptography. If I say something, I want it heard only by those for whom I intend it. If the content of my speech is available to the world, I have no privacy. To encrypt is to indicate the desire for privacy, and to encrypt with weak cryptography is to indicate not too much desire for privacy. Furthermore, to reveal one's identity with assurance when the default is anonymity requires the cryptographic signature.We cannot expect governments, corporations, or other large, faceless organizations to grant us privacy out of their beneficence. It is to their advantage to speak of us, and we should expect that they will speak. To try to prevent their speech is to fight against the realities of information. Information does not just want to be free, it longs to be free. Information expands to fill the available storage space. Information is Rumor's younger, stronger cousin; Information is fleeter of foot, has more eyes, knows more, and understands less than Rumor.We must defend our own privacy if we expect to have any. We must come together and create systems which allow anonymous transactions to take place. People have been defending their own privacy for centuries with whispers, darkness, envelopes, closed doors, secret handshakes, and couriers. The technologies of the past did not allow for strong privacy, but electronic technologies do.We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.Cypherpunks write code. We know that someone has to write software to defend privacy, and since we can't get privacy unless we all do, we're going to write it. We publish our code so that our fellow Cypherpunks may practice and play with it. Our code is free for all to use, worldwide. We don't much care if you don't approve of the software we write. We know that software can't be destroyed and that a widely dispersed system can't be shut down.Cypherpunks deplore regulations on cryptography, for encryption is fundamentally a private act. The act of encryption, in fact, removes information from the public realm. Even laws against cryptography reach only so far as a nation's border and the arm of its violence. Cryptography will ineluctably spread over the whole globe, and with it the anonymous transactions systems that it makes possible.For privacy to be widespread it must be part of a social contract. People must come and together deploy these systems for the common good. Privacy only extends so far as the cooperation of one's fellows in society. We the Cypherpunks seek your questions and your concerns and hope we may engage you so that we do not deceive ourselves. We will not, however, be moved out of our course because some may disagree with our goals.The Cypherpunks are actively engaged in making the networks safer for privacy. Let us proceed together apace.Onward.Eric Hughes9 March 1993