Private Stablecoin Payments Go Live on Ethereum

A new payment platform focusing on transactional privacy has launched its mainnet product on the Ethereum blockchain. Spun out from the homomorphic encryption research of Zama Protocol, the service is currently in an invite-only beta phase, with a reported waitlist exceeding 75,000 users.

How It Works: Confidential Transactions on-Chain

At its core, the platform allows users to wrap existing stablecoins like USDC into privacy-enhanced tokens under the ERC-7984 standard. While settlements occur on-chain, the sensitive details—transaction amounts and wallet balances—remain encrypted and hidden from public view.

Key Features and User Control

  • Self-Custody Model: Users retain full control of their assets through non-custodial wallets. The token layer explicitly excludes any administrator functions for freezing or seizing funds.
  • Selective Disclosure: Account holders can voluntarily grant view-only access to specific addresses, such as those belonging to auditors or accountants, for compliance purposes.
  • Permissionless Redemption: Wrapped privacy tokens can be converted back to the original stablecoin at a 1:1 ratio at any time, without requiring third-party approval.

Designed for Mainstream Accessibility

To lower the barrier for non-crypto-native users, the platform simplifies the onboarding and offboarding process. Deposits are accepted via bank transfers, card payments, or direct stablecoin transfers. Withdrawals can be sent back to a linked bank account. Critically, users are not required to hold ETH for gas fees, as network costs are handled seamlessly in the background.

Roadmap and Additional Services

Beyond private payments, the company is expanding its ecosystem. An integration with decentralized lending protocol Morpho will let users earn yield on idle stablecoin balances. Furthermore, development is underway on a payment card product, tentatively named Raycard, designed to bring private digital currency spending to physical retail points.

Commenting on the vision, Valerio Leo, CEO and Co-Founder, stated, "Users shouldn't have to choose between the convenience of stablecoins and the confidentiality of their financial data. Our technology delivers both."