RayCash Card

What Raycash and the Raycard are

Raycash is a global money account built on confidential stablecoins, and the Raycard is its announced spending product - presented on the site as private spending and labelled Coming Soon. The core idea is unusual enough to be worth understanding: the account runs on the Zama Protocol, which uses fully homomorphic encryption (FHE) so that payments settle on a public blockchain without putting the amounts on it. Your balance is confidential by default, visible only to you, while still being verifiable and compliant.

Zama, which builds the underlying encryption technology, describes Raycash as the first time private, compliant, self-custodial finance has been available in a product that does not require technical expertise. The company positions Raycash as the bridge between the two current options, neither of which it considers sufficient: on-chain stablecoins that expose all your activity, or confidential systems that cannot operate inside regulated finance.

What the account is meant to do

• Deposit USDC or USDT, by stablecoin transfer, bank transfer or debit or credit card.
• Store balances confidentially, with amounts visible only to you.
• Grow yield on idle balances through Morpho, directly in the app.
• Spend using your balance to pay and send money like cash - this is where the Raycard comes in.

The team frames privacy and compliance as compatible rather than opposed: the CEO, Valerio Leo, has presented publicly on confidential stablecoins satisfying both sides, and the architecture is designed around that claim.

What is - and is not - published

What is published is the technology stack, the deposit rails, the yield partner and the global availability intent. What is not published is everything you would need to judge the card commercially: the card network, the issuer, any fee schedule, spending or ATM limits, and the licence behind the programme. There is no card terms page to read, because the card has not shipped.

That is the whole story of this listing: Raycash is technically ambitious, genuinely differentiated on privacy, and backed by a serious protocol partner - and you cannot currently sign up, cannot see the fees, and cannot verify who would issue the card.

Who it suits

If confidential spending on stablecoins is the feature you have been waiting for, this is the most promising thing in the category and a waitlist spot costs nothing. If you need a card that works today, look at established programmes such as Bleap or work through the crypto cards directory, and revisit Raycard once terms are published.

Announced card features

• Private spending: the Raycard is presented as confidential by default, settling on-chain without exposing amounts.
• Self-custody: Raycash states that funds remain under the user's control.
• Spending from a balance that earns yield, rather than a static prepaid card balance.

App features

• Deposit USDC or USDT by stablecoin, bank transfer, or debit or credit card.
• Confidential balance: amounts visible only to you, powered by the Zama Protocol's FHE encryption.
• Yield on idle balance through Morpho vaults, managed in the app.
• Send and receive dollars and stablecoins.
• Waitlist and Ray token points programme for early participants.

Requirements and status

• Not launched: the app is waitlist-only and the card is marked Coming Soon.
• Zama announced an H1 2026 app launch; no public launch date is currently posted.
• KYC level, issuer and licence details have not been published.

Deposit assets

Raycash accepts USDC and USDT, deposited by stablecoin transfer, bank transfer or card. Balances are held as confidential stablecoins and can be put to work through Morpho vaults to earn yield while they sit there.

How the confidentiality works

Raycash uses the Zama Protocol and fully homomorphic encryption, so transactions settle on a public blockchain while the amounts stay encrypted - payments are recorded without the numbers being readable on-chain. That is a materially different approach from both ordinary on-chain stablecoins, where every payment is public, and off-chain custodial accounts, where the balance sits with an institution.

Custody

Raycash presents the model as self-custodial: funds stay under the user's control while being spendable. That claim cannot be independently verified until the app ships, and the card issuer and licence are undisclosed, so treat the custody position as stated rather than proven.

Not published

• Card issuance fee.
• Monthly or annual fee.
• Foreign exchange markup.
• Top-up or loading fee.
• ATM fees and limits.
• Spending, top-up and per-transaction limits.
• Cashback or reward rate for card spending.

The only cost signals available

Raycash describes stablecoin deposits as arriving with low fees, and confirms that yield is earned on balances through Morpho - which is income rather than a fee. Beyond that, the entire card fee schedule is unreleased. Signing up to the waitlist costs nothing, so the sensible approach is to join, then review the terms when they are published, because a confidential-spending product has real engineering costs that will have to be recouped somewhere in the pricing.