Zama spin-off Raycash launches private stablecoin payments on Ethereum

Privacy and yield are usually treated as separate selling points, so bundling confidential stablecoin transfers with Morpho-based returns on idle balances is the notable part here — it targets the gap between public onchain settlement and the balance-sheet discretion that stablecoin holders often expect. The immediate audience is stablecoin holders sensitive to exposing transaction flows, plus the Morpho lending side that supplies the yield. The open question is whether confidential execution and yield generation can coexist without adding counterparty or smart-contract complexity that undercuts the privacy pitch.