Zama Expands Confidential Finance on Ethereum with Private-Beta RFQ Swap Protocol

Zama has expanded its confidential finance offering on Ethereum with the launch of a private-beta RFQ swap protocol. The protocol, which supports trading against cUSDC, links encrypted order flow with Morpho vaults that had surpassed $40 million in deposits by September 2026.

The Confidential RFQ swap protocol uses an on-chain request-for-quote process to keep trade size and direction confidential. The current product supports cUSDT/cUSDC, cZAMA/cUSDC, and csteakUSDC/cUSDC pairs, with whitelisted market makers competing to fill orders through a blind auction.

All swap fees are allocated to buying back and burning ZAMA, making the swap venue part of the protocol's stated token mechanism. This move builds on previous confidential yield products, including the Steakhouse Confidential USDC Prime vault, which mirrored an existing Morpho strategy without introducing separate credit strategies for confidential users.