Raycash begins staged private beta for encrypted USDC on Ethereum
Raycash, a Zama spin-off, has opened a staged private beta for confidential USDC payments and FHE-backed idle-balance yield on Ethereum.
Raycash, a Zama spin-off, has opened a staged private beta for confidential USDC payments and FHE-backed idle-balance yield on Ethereum. Ethereum (ETH) is trading at $1,822.84, down 0.3% since this brief published. This is an original TLT brief based on reporting by Live Bitcoin News, with live market data added, as of Sun, 15 Nov 2026 03:30:04 UTC.
The beta tests a privacy layer for holding and using USDC on Ethereum, with confidential tokens designed to preserve the value of ordinary dollar-backed balances while obscuring transaction activity.
- Raycash opened a private Ethereum mainnet beta on November 9, 2026.
- Confidential USDC wraps ordinary USDC 1:1 into ERC-7984 tokens.
- The company reports more than 75,000 waitlist signups.
- ETH is down 4.27% over 24 hours as the market remains broadly lower.
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- Raycash begins staged private beta for encrypted USDC on Ethereum — this brief
Raycash, a spin-off from Zama, opened a private beta on 
Ethereum mainnet on November 9, 2026, according to Live 
Bitcoin News. The product covers confidential 
USDC payments and idle-balance yield backed by Fully Homomorphic Encryption, with invitations distributed in stages ahead of a wider release.
The live Bitcoin News report says Raycash confidential USDC wraps standard USDC on a 1:1 basis into ERC-7984 tokens. This structure gives users a confidential-token version of an existing dollar balance, while the beta also tests yield associated with balances that are not being used. The report did not provide further technical specifications for the FHE-backed yield mechanism.
Raycash says more than 75,000 people joined its waitlist, although access will initially remain limited and granted in stages. The single outlet’s coverage emphasizes both the privacy use case and the distinction between confidential tokens and ordinary USDC; it does not report a public launch date, token supply, or a quantified return from the yield feature.
The broader market backdrop is weak. Live data place Ethereum at $1,827.50, down 4.27% over 24 hours and 18.71% over seven days, with a $223.36 billion market capitalization. USDC trades at $0.999733, up 0.01% over 24 hours, while its quoted market capitalization is $69.06 billion and DeFiLlama verifies circulating supply at $69.26 billion. Total crypto market capitalization stands at $2.28 trillion, Bitcoin is down 3.28% over 24 hours, and the Fear & Greed index is at 10, labeled Extreme Fear. The expansion of staged access and the eventual wider release are the next operational milestones to monitor.
Since this brief published about 6 hours ago, Ethereum (ETH) has moved from $1,827.50 to $1,822.84 — -0.25%.
The chart plots ETH's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 ETH ≈ ₦2.58M (about $1,822.84), down 4.3% over 24 hours. The naira itself trades about 4.6% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · November 15, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Raycash begins staged private beta for encrypted USDC on Eth — questions & answers
What did Raycash launch on Ethereum?
Raycash opened a private beta for confidential USDC payments and idle-balance yield backed by Fully Homomorphic Encryption on November 9, 2026.
How does confidential USDC relate to ordinary USDC?
According to Live Bitcoin News, Raycash wraps ordinary USDC on a 1:1 basis into confidential ERC-7984 tokens.
How many people joined the Raycash waitlist?
The company says more than 75,000 people joined the waitlist, with private access being distributed in stages.
How much is 1 Ethereum worth in naira today?
About ₦2.58M at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $1,822.84. The naira price moves with both ETH's US-dollar price and the USDT/NGN rate; use our Ethereum in naira page for any amount.
Has Ethereum's price moved since this brief was published?
ETH is down 0.25% since this brief first published — trading at $1,822.84 now versus $1,827.50 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Live Bitcoin News. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.