Paris, France, September 17th, 2026, Chainwire
Following June’s launch with Morpho and Steakhouse, Zama extends confidential entry to 16 curated vaults throughout 5 curators and 5 asset courses, and opens the Zama Swap Protocol for confidential swaps between positions.
Zama, the quickest rising confidentiality protocol for onchain finance, at the moment introduced a serious growth of confidential entry to onchain yield in partnership with Morpho, alongside 5 of the main DeFi curators: Steakhouse Monetary, Armitage by Wintermute, Flowdesk, RockawayX, and Bitwise. The launch provides 16 confidential vaults throughout 5 asset courses (USDC, USDT, WBTC, AUSD, and TGBP), and opens the general public launch of the Zama Swap Protocol, permitting customers to confidentially swap between confidential belongings on Ethereum.
This launch builds on the confidential Steakhouse USDC Prime vault Zama launched with Morpho and Steakhouse in June 2026, which grew from zero to $40 million in TVL inside seven weeks and established confidential DeFi as a confirmed institutional product class.
On public blockchains, positions, balances, and techniques are seen to opponents and front-runners, a structural blocker to institutional deployment at scale. By increasing the vary of curated confidential vaults and including 4 new asset courses as deposit belongings, Zama permits institutional allocators, company treasuries, and lively market contributors to entry diversified onchain yield with out disclosing their holdings or methods.
“After we launched the primary confidential USDC vault with Morpho and Steakhouse in June, we proved that confidentiality and DeFi are usually not mutually unique,” stated Dr. Rand Hindi, Co-founder and CEO of Zama. “Right this moment’s growth is proof of the mannequin at scale. Sixteen vaults, 5 curators, 5 asset courses, all constructed on the identical DeFi infrastructure that refined capital already makes use of. Similar vaults, similar curators, similar liquidity, now with confidential entry. That is how confidential DeFi turns into a class and never an experiment.”
The growth presents depositors two kinds of confidential vaults, operating in parallel:
- 12 Hybrid vaults: confidential entry to present curated vaults, together with the Prime USDT vault curated by Steakhouse. Similar technique, similar liquidity, and similar danger profile because the underlying vault, with confidential deposit and place.
- Four Unique vaults: net-new confidential-only vaults with no public equal, together with the Wintermute Confidential WBTC – armcWBTC. (—-)
All 16 vaults are deployed on Morpho and accessible at the moment by way of the Zama App. Further entry factors, together with Utila, Zerion Pockets, and Yield.xyz, will roll out within the weeks following launch.
The Zama Swap Protocol launches alongside the vault suite, permitting depositors to swap between confidential belongings, together with all vault share positions, and cUSDC, cUSDT, cWBTC, cAUSD, and cTGBP, with out exposing intent or dimension. This closes the complete deposit-earn-swap loop completely inside a confidential envelope.
“Establishments have more and more been exploring how onchain capital allocation will be made extra confidential to suit their necessities. Including these confidential vaults on Morpho was an necessary step for us. It’ll scale confidential DeFi effectively and open new potentialities for allocators onchain, with out altering the technique, the liquidity, or the chance profile.” stated Merlin Egalite, Co-founder of Morpho
“Confidentiality is the situation onchain capital markets need to fulfill earlier than they will carry institutional-scale quantity. By way of our work with Zama, we’re opening up confidential entry to our AUSD RWA Technique Vault, giving institutional allocators a compliant path onchain.” stated Guilhem Chaumont, Co-founder and CEO of Flowdesk.
“We have been blissful to work with Zama on its first confidential vault, and the market response makes it clear that depositors worth confidentiality,” stated Sébastien Derivaux, Co-founder of Steakhouse Monetary. “The pure subsequent step was to increase that entry to a five-vault suite throughout USDC, USDT, and tGBP. Depositors now have extra selection in how they use stablecoins throughout Morpho, whereas protecting their positions non-public.”
“BTC has principally sat onchain as collateral as a result of there has not often been significant yield to earn on it. The Wintermute Confidential WBTC vault provides WBTC holders a strategy to really put it to work, pairing Armitage’s lively danger curation with a confidential-only design that has no public equal, so positions keep off the general public file,” stated Igor Igamberdiev, Armitage Lead.
“Zama’s confidential product suite is unlocking institutional adoption alternatives globally together with within the UK the place stablecoin adoption with massive establishments is a greenfield alternative,” stated Benoit Marzouk, CEO of BCP Applied sciences the issuer of tGBP. “The mix of confidentiality with bluechip protocols like Morpho present a transparent entry level for any institutional participant integrating stablecoins into their enterprise.”
“Each place a self-custodial pockets person holds is public by default. That’s one of many causes persons are reluctant to maintain massive quantities onchain. Zama’s confidentiality layer plugs into vaults folks already use moderately than asking them to maneuver to a brand new chain. A pockets can help this natively with minimal friction, and why these vaults are coming to Zerion within the weeks forward.” — Evgeny Yurtaev, Co-founder & CEO at Zerion.
Establishments will be hesitant to lend onchain for 2 causes. They’ll’t inform precisely what they’re uncovered to, and anybody with a block explorer can see what they maintain. RockawayX’s RWA vault handles predictable returns and collateral you’ll be able to verify onchain, underwritten the identical means we’ve run CeFi and DeFi lending since 2022 with zero defaults. Zama handles the second with its confidentiality platform.” Nassim Alexandre, Head of Onchain Asset Administration and Curation at RockawayX.
“Confidentiality shouldn’t require establishments to desert the platforms they already use. Yield.xyz makes Zama’s confidential Morpho Vaults accessible by way of the identical integration layer that wallets and monetary platforms use to supply onchain yield. That offers platforms a sensible path to help confidential positions whereas preserving the underlying technique, liquidity, and danger profile,” stated Serafin Lion Engel, Co-Founder and CEO at Yield.xyz.
“Establishments want to guard their funding methods whereas sustaining clear management over how capital is deployed,” stated Bentzi Rabi, Co-founder and CEO of Utila. “By way of our work with Zama, we’re bringing confidential entry to Morpho vaults into Utila’s MPC pockets infrastructure, so treasury and funding groups can entry onchain yield with the coverage controls and approval workflows they depend on throughout their digital asset operations.”
“Incentives have been the one factor confidential belongings couldn’t have, as a result of rewarding a stability meant studying it. It was an actual pleasure working with the Zama workforce to vary that, extending Merkl’s engine to ERC7984 so campaigns run on encrypted balances. Depositors see an APR and earn, whereas no place, reward, or leaderboard entry ever turns into public.” stated Pablo Veyrat, CEO of Merkl.
This growth establishes the operational blueprint for additional additions to the confidential DeFi ecosystem in 2026 and 2027, together with further curators, asset courses, distribution surfaces, and native institutional custody integrations.
The 16 confidential vaults will formally open for deposits on September 15, 2026 on the Zama app.
For extra info, technical documentation, or to assessment the combination structure, please go to zama.org or observe @Zama on X.
About Zama – www.zama.org
Zama is the quickest rising confidentiality protocol for onchain finance. By leveraging Absolutely Homomorphic Encryption (FHE), it permits digital belongings to be issued, managed, and traded privately on present public blockchains similar to Ethereum and Solana. Based by FHE pioneer Dr. Pascal Paillier and entrepreneur Dr. Rand Hindi, Zama brings collectively one of many world’s largest groups of FHE researchers and engineers and helps a worldwide ecosystem of builders constructing confidential functions. zama.org
About Morpho
Morpho is the open credit score community with $14B+ in deposits connecting lenders and debtors to the optimum alternatives worldwide. Its modular, open infrastructure permits fintechs, wallets, exchanges, and establishments to embed configurable credit score merchandise immediately into their platforms, whereas sustaining full management over the person expertise. Leaders like Coinbase, Robinhood, Bitwise Asset Administration, and Société Générale already construct on Morpho to deploy safe, scalable onchain credit score merchandise. For extra info, please go to Morpho.org.
Vault curators
About Steakhouse Monetary
Steakhouse Monetary builds merchandise for the stablecoin economic system, with over $4.5B in TVL. Steakhouse is the market chief in danger curation of noncustodial DeFi vaults, powering earn merchandise for Coinbase, Bitget, Crypto.com, Secure, and Belief Pockets, amongst others. Steakhouse’s mission is to empower everybody with institutional-grade DeFi instruments to boost, handle and distribute the capital they should make a distinction on the earth. For extra info, please go to Steakhouse Financial.
About Armitage
Armitage is Wintermute’s onchain vault curation arm. Armitage executes liquidations itself throughout each supported market, enabling it to just accept a broader vary of collateral sorts and increase the yield alternative set for depositors. Armitage is designed to scale throughout protocols and chains as yield alternatives emerge throughout an increasing DeFi panorama. For extra info, please go to Armitage.
About Flowdesk
Flowdesk is a full-service digital asset buying and selling and expertise agency specializing in liquidity options and OTC buying and selling for institutional shoppers and digital asset issuers. Constructed on proprietary buying and selling expertise and deep market connectivity, Flowdesk combines conventional finance experience with institutional-grade crypto infrastructure to ship safe, clear, and environment friendly entry to digital asset markets worldwide. For extra info, please go to flowdesk.co.
About RockawayX
RockawayX is a number one digital asset funding agency working throughout enterprise, liquidity, curation, and infrastructure, with over $2 billion in collective belongings below administration. By way of its advanced method to onchain yield, the agency applies institutional-grade credit score underwriting to assemble, monitor, and handle diversified publicity throughout stablecoin and real-world asset methods.
This framework is supported by superior allocation fashions, automated danger controls, and real-time alternative detection, enabling the agency to take care of a zero-default file throughout CeFi and DeFi lending since 2022.
For extra info, please go to Rockawayx.com
About Bitwise
Bitwise Asset Administration is a worldwide crypto-focused asset supervisor with $9 billion in shopper belongings and a set of over 70 funding merchandise spanning ETFs, individually managed accounts, non-public funds, hedge fund methods, and staking. The agency has a nine-year monitor file and at the moment serves greater than 5,500 non-public wealth groups, RIAs, household workplaces, and institutional traders, in addition to 21 banks and broker-dealers. The Bitwise workforce of expertise and funding professionals is backed by main institutional traders and has workplaces in San Francisco, New York, and London. For extra info, please go to bitwiseinvestments.com.
Token issuers.
About Tether
Tether pioneered the stablecoin class in 2014 and at the moment points the biggest stablecoin by quantity, USDT. Its token suite spans USDT, MXNt (Mexican peso), XAUt (Tether Gold), deployed throughout a number of blockchains to allow digital use of conventional currencies with out the volatility of native crypto belongings. For extra info, please go to tether.to.
About Agora
Agora is a stablecoin issuer and infrastructure platform constructing the financial community for international settlement. Agora points AUSD, an institutional-grade, absolutely backed U.S. greenback stablecoin constructed for monetary merchandise, fintechs, and functions. Agora supplies the platform for treasury administration, settlement, and cross-border flows. For extra info, please go to agora.finance.
About Tokenised GBP (tGBP)
Tokenised GBP (tGBP) is a British pound stablecoin issued by BCP Applied sciences Ltd, an FCA-registered cryptoasset agency. Every tGBP is pegged 1:1 with GBP, absolutely backed by money and money equivalents with impartial month-to-month attestations of reserve backing. There’s $27m of tGBP in circulationacross Ethereum, Base, Solana, Arbitrum, Polygon, BNB Chain, Gnosis Chain, and Avalanche. For extra info, please go to tokenisedgbp.com.
DeFi, Wallets, Custodians
About Pendle
Pendle is the biggest yield buying and selling platform in crypto, with $1.24B in TVL and over $93B in cumulative buying and selling quantity throughout its Pendle V2 (spot yield) and Boros (leveraged yield) merchandise. Pendle permits customers to commerce, repair, and leverage yield throughout 784 markets in DeFi. For extra info, please go to pendle.finance.
About Yield.xyz
Yield.xyz is the unified entry layer for onchain finance, enabling builders to combine as soon as and entry over 3,000 alternatives throughout staking, lending, perpetuals buying and selling, and onchain vaults on 80+ networks. Trusted by main wallets and monetary platforms together with Ledger, Belief Pockets, Privy, Utila, Dfns, Crossmint, Turnkey, Tangem, and 100+ extra, Yield.xyz powers production-grade onchain merchandise with built-in help for safe transaction verification and fee-customizable income sharing. Yield.xyz abstracts advanced integration work into easy API calls, enabling groups to ship scalable onchain merchandise with out rebuilding per-protocol infrastructure. For extra info, please go to yield.xyz.
About Merkl
Merkl is the onchain distribution infrastructure for stablecoin issuers, fintechs, neobanks, exchanges, and tokenized funds. Trusted by 1000+ corporations together with PayPal, Coinbase, and Robinhood, Merkl has distributed over $1.8B to greater than 5 million distinctive recipients throughout 60+ chains. For extra info, please go to merkl.xyz.
About Zerion
Zerion is a pockets infrastructure firm that powers its personal non-custodial crypto pockets and supplies developer APIs for real-time token, NFT, and DeFi information. Identified for its intuitive person expertise and dependable information, Zerion helps each builders constructing wallet-based apps and customers managing belongings throughout Ethereum, Solana, and 50+ EVM-compatible networks. For extra info, please go to zerion.io.
About Utila
Utila is the main stablecoin and digital asset infrastructure platform for fintechs and enterprises. Utila permits organizations of all sizes to securely construct, handle, and scale digital asset operations throughout stablecoin funds, treasury, buying and selling, tokenization, and past. The platform combines institutional-grade MPC wallets, granular coverage controls, strong APIs, multi-chain help, cost and tokenization engine, and deep integrations with banking, compliance, exchanges, DeFi, and extra. Trusted by 350+ business leaders, Utila processes greater than $35B in month-to-month quantity and has secured over $300B in transactions to this point. For extra info, please go to utila.io
Contact
Kirsty Jarvis
Luminous PR
[email protected]
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