What is confidential RWA tokenization?

Confidential RWA tokenization brings regulated real-world assets onchain without publishing investor holdings, trading patterns, or fund compositions. With the Zama Protocol, holdings are encrypted at the token level using Fully Homomorphic Encryption (FHE), while issuance, transfers, and settlement remain onchain and fully auditable. Addresses stay public; holdings stay encrypted.

How does the Zama Protocol work with ERC-3643?

Compliance travels with the asset, and so does confidentiality. ERC-3643 enforces transfer rules and investor eligibility onchain, while ERC-7984, the confidential token standard, keeps the data encrypted. Sender and receiver addresses remain public; investor holdings, trade amounts, and fund composition stay encrypted during issuance, transfers, and secondary trading.

Which tokenized assets can be made confidential?

The Zama Protocol can cover tokenized money market funds, tokenized private credit and alternatives, tokenized equity and debt securities, and confidential secondary trading. Cap tables, bondholder registers, and investor composition stay confidential onchain, with the same confidentiality posture compliance teams expect off it.

Who can access confidential holdings data?

The issuer decides who sees what, role by role, through the Zama Protocol's Access Control List (ACL) and selective disclosure features. Fund administrators, transfer agents, and regulators retain authorized access to the data they are entitled to, while the public ledger only shows encrypted holdings and amounts.

Where is the Zama Protocol used for RWA today?

Zama is the native confidentiality layer of the T-REX Ledger, the institutional-grade infrastructure launched with T-REX Network for real-world asset tokenization, bringing FHE-powered confidentiality, compliance, and interoperability together in one public blockchain infrastructure. The Zama Protocol is in production on Ethereum mainnet.

Tokenize the assets. Keep the holdings confidential.

Regulated assets are tokenizing onchain, but the public ledger publishes investor holdings, trading patterns, and fund compositions line by line.

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Onchain RWA exposes the holdings. Pensions and sovereign wealth stay on the sidelines. The choice has been silos with control, or public chains without confidentiality, neither works for institutional capital.

Zama is HTTPS for onchain finance: addresses stay public, holdings get encrypted.

Verifiable

Onchain settlement, fully auditable.

Encrypted

Holdings encrypted at the token level.

Compliant

Fund admin, transfer agents, and regulators retain access by role.

Composable

Drops into your existing stack.

$32B

regulated assets live onchain under ERC-3643 across 180+ jurisdictions

As of June 2026 - Chainanalysis

$100B

Apex Group's commitment to the T-REX Ledger by June 2027, with Zama integrated as the native confidentiality layer

The Block

$4–5T

Citi GPS forecast for tokenized digital securities by 2030

Citi Group

Compliance travels with the asset. Now, so does confidentiality.

Tokenized MMFs, private credit, equity and debt securities, confidential secondary trading, four flows, one standard.

Tokenized money market funds

Putting MMFs onchain publishes your cash management strategy to every competitor watching the ledger. Offer BUIDL-class yields onchain without exposing what your treasury is doing.

Tokenized private credit and alternatives

Private credit and alternative fund interests can't tokenize if investor composition and pricing become public. Bring alternatives onchain without compromising the confidentiality terms investors expect.

Tokenized equity and debt securities

Cap tables and bondholder registers are not public records under securities law in any major jurisdiction. Enforce transfer rules and eligibility onchain without turning your register into a public file.

Confidential secondary trading

Broadcasting intent on a public ledger before a fill moves the market against you and violates best-execution standards. Trade RWAs onchain with the same confidentiality posture your compliance team expects off it.

Zama is a protocol, not a chain.
A standard, not a silo

The Zama Protocol is in production on Ethereum mainnet and ready to be implemented into the chains, custody, wallets, and compliance stack institutions already run.

Client-side Fully Homomorphic Encryption

Investor holdings and trade amounts are encrypted in the fund administrator's, transfer agent's, or trading venue's environment before they reach the blockchain. Plaintext never leaves your system.

Computation on encrypted data

The blockchain processes issuance, transfers, and secondary trading while ERC-3643 enforces compliance and ERC-7984 keeps the data encrypted. Sender and receiver addresses remain public; investor holdings, trade amounts, and fund composition stay encrypted.

Compliance, control and public verifiability

You decide who sees what, role by role, through the Zama Protocol's Access Control List (ACL) and selective disclosure features.

Institutions and teams already building with Zama

From confidential payroll to institutional trading — real deployments, on Ethereum mainnet, today.

Morpho - Confidentiality Meets DeFi Yield

Confidential USDC now earns yield through Steakhouse USDC Prime on Morpho, the same vault strategy and risk profile, with deposit size, direction, and timing encrypted onchain.

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T-REX - Institutional-Grade Confidentiality Infrastructure for RWA

Zama became the default confidentiality layer for T-REX Ledger, bringing FHE-powered privacy, compliance and interoperability together in one public blockchain infrastructure built for institutional scale.

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Bron - Confidential payroll on Ethereum mainnet.

Bron's CFO paid team salaries on Ethereum mainnet using confidential USDT, amounts encrypted end-to-end with FHE, visible only to sender and recipient.

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Raycash - Private, compliant banking rebuilt onchain.

Raycash delivers a Revolut-style banking experience — IBANs, cards, yield — fully self-custodial and powered by Zama's FHE encryption, keeping balances and transactions private while remaining compliant with regulators.

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Blockscout - The first explorer to support confidential tokens natively.

Blockscout now indexes and displays ERC-7984 confidential token activity, showing transfers, senders, and recipients onchain while keeping encrypted amounts fully private, powered by the Zama Protocol.

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GSR - The first confidential OTC trade on Ethereum mainnet.

GSR executed the first confidential over-the-counter trade using the Zama Protocol, with transaction amounts encrypted onchain between two KYC'd counterparties, eliminating information leakage and front-running risks.

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