[Zama Spin-off Raycash Launches on Ethereum Mainnet, Offering Privacy-Focused Stablecoin Payments and Earnings] BlockBeats reports that on November 9th, Raycash, a stablecoin payment startup spun off from the privacy protocol Zama, launched on the Ethereum mainnet and is currently in private testing. Raycash stated that over 75,000 people joined the waiting list before launch, and access will be opened in batches during the private testing phase before full launch. Raycash is built on the Zama protocol and uses fully homomorphic encryption (FHE) technology to encrypt on-chain balances and transaction amounts. Users can encapsulate stablecoins at a 1:1 ratio into tokens under the ERC-7984 confidential token standard for payments and receipts, and earn earnings through Morpho. The amount and balance are not publicly disclosed; the underlying stablecoins can be retrieved through permissionless uncapsulation. Initially, the application supports USDC and allows deposits via bank transfers, bank cards, or stablecoins, as well as withdrawals to bank accounts. Ethereum gas fees are processed by the platform in the background, and users do not need to hold ETH. Raycash states that its wallet is self-custodied, and confidential tokens cannot be frozen or confiscated at the token level; users can grant viewing permissions to specific parties such as accountants and auditing firms. Furthermore, Raycard, designed for privacy-focused spending, is under development. [Original Link]