Zama spin-off Raycash launches privacy stablecoin payments app on Ethereum

Privacy-preserving stablecoin payments have long been a regulatory gray zone, so Raycash's choice to launch on Ethereum mainnet rather than a sidechain or L2 is the notable signal here — it bets that confidential transfers can coexist with the most scrutinized settlement layer. The Morpho yield integration also blurs the line between a payments tool and a yield product, which is where compliance attention tends to concentrate. The open question is how the phased rollout handles know-your-customer and sanctions screening when balances and amounts are hidden, and whether the waitlist converts into durable usage once access widens.