75,000 people queued up to experience the "privacy stablecoin": Raycash launches on the Ethereum mainnet, USDC transfers can hide amounts and also earn yield

Raycash, the stablecoin payments platform spun out of Zama, launched on Ethereum mainnet on November 9, 2026, opening a private beta to a waitlist of more than 75,000 users. The platform wraps USDC 1:1 into confidential tokens under the ERC-7984 standard using fully homomorphic encryption, keeping balances and transfer amounts encrypted on-chain while letting users unwrap and redeem at any time. Wrapped assets can be deposited into Morpho lending pools, where interest accrues and is distributed on encrypted balances, addressing the isolation and lack of yield that have hampered earlier privacy designs. The token contract strips out blacklist and freeze functions, and programmable viewing keys let users disclose transaction history to auditors or regulators for AML and tax compliance. Raycash also uses account abstraction to sponsor Ethereum gas fees and supports fiat on-ramps via bank transfer and cards, with a Raycard debit card in development. The rollout matters because privacy gaps have kept corporate and merchant stablecoin payments to under 1% of a market settling over $15 trillion annually; watch for the public permissionless launch after the private beta and whether Morpho-wrapped USDC balances draw meaningful deposits.