Payy raises $6m seed to build private stablecoin payments on zero-knowledge rails

cryptonews

Mar 26

Payy raised $6m led by FirstMark to build a zero-knowledge L2 and wallet that make USDC payments private by default, targeting enterprise stablecoin flows that avoid fully transparent chains. ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPayy raises $6m seed to build private stablecoin payments on zero-knowledge rails\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-26 03:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://crypto.news/payy-raises-6m-seed-to-build-private-stablecoin-payments-on-zero-knowledge-rails/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Payy raised $6m led by FirstMark to build a zero-knowledge L2 and wallet that make USDC payments private by default, targeting enterprise stablecoin flows that avoid fully transparent chains.\n\n\n...</p>\n\n<a href=\"https://crypto.news/payy-raises-6m-seed-to-build-private-stablecoin-payments-on-zero-knowledge-rails/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0106831901.USD","symbol_name":"贝莱德世界金融基金A2","start_time":0,"source_url":"https://crypto.news/payy-raises-6m-seed-to-build-private-stablecoin-payments-on-zero-knowledge-rails/","article_id":"2622742009","we_media_id":null,"thumbnails":[],"rights":{"source":"crypto_news_highlight","url":"https://crypto.news/payy-raises-6m-seed-to-build-private-stablecoin-payments-on-zero-knowledge-rails/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2622742009","pubTimestamp":1774465200,"columns":[],"sourceInfo":{"source_id":"crypto_news_highlight","name":"Crypto News"},"weMediaInfo":null,"summary":"Payy raised $6m led by FirstMark to build a zero-knowledge L2 and wallet that make USDC payments private by default, targeting enterprise stablecoin flows that avoid fully transparent chains.Payy, a New York-based stablecoin startup, closed a $6 million seed round led by FirstMark Capital in December 2025, bringing its total funding to $8 million.Payy already has 100,000+ users across 120 countries and processes around $130 million in annualized transaction volume, with a mainnet rollout planned for this summer.Payy’s longer-term infrastructure play is the Payy Network, an Ethereum Layer 2 rollup using zero-knowledge proofs to shield transaction details including sender, receiver, and amounts. The company announced the network last month. A testnet is expected to launch next month, with a mainnet rollout planned for this summer. A native token is also in the pipeline, though Gandhi declined to set a timeline. A previous crypto.newsstoryon USDCx highlighted how Aleo’s zero-knowledge inf","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0106831901.USD":"贝莱德世界金融基金A2","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","CRCA":"Proshares Ultra CRCL","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","CRCO":"YIELDMAX CRCL OPTION INCOME STRATEGY ETF","BK4023":"应用软件","ICRC":"Bitwise CRCL Option Income Strategy ETF","CRCD":"T-REX 2X Inverse CRCLDaily Target ETF","SAFE":"Safehold","CCUP":"T-REX 2x Long CRCL Daily Target ETF","BK4084":"特种房地产投资信托","BK4234":"特殊用途房地产信托","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","LU1861217088.USD":"贝莱德金融科技A2"},"translate_title":"Payy筹集600万美元种子资金，在零知识轨道上构建私人稳定币支付","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SAFE":1.57,"CRCD":0.6,"CCUP":0.6,"CRCO":0.6,"ICRC":0.6,"CRCA":0.6},"content_text":"Payy raised $6m led by FirstMark to build a zero-knowledge L2 and wallet that make USDC payments private by default, targeting enterprise stablecoin flows that avoid fully transparent chains.\n\n\nSummary\n\n\n\nPayy, a New York-based stablecoin startup, closed a $6 million seed round led by FirstMark Capital in December 2025, bringing its total funding to $8 million.\nThe company is building a privacy-focused payments network using zero-knowledge proofs, arguing that public blockchain transparency is a fundamental blocker to enterprise stablecoin adoption.\nPayy already has 100,000+ users across 120 countries and processes around $130 million in annualized transaction volume, with a mainnet rollout planned for this summer.\n\n\n\nPayy, a stablecoin startup building a privacy-focused payments network on zero-knowledge infrastructure, has raised $6 million in seed funding led by FirstMark Capital — an early backer of Airbnb, Shopify, and Pinterest — with participation from Robot Ventures and DBA Crypto, the company announced Wednesday. According to The Block, the round closed in December 2025 and was structured as a simple agreement for future equity (SAFE) with attached token warrants, bringing Payy’s total capital raised to $8 million including a $2 million pre-seed raised under its former identity as Polybase.\n“We were preempted by FirstMark,” Payy co-founder and CEO Sid Gandhi told The Block. The company’s core argument is one that a growing chorus of stablecoin builders are raising — that on-chain payments are too transparent to attract serious enterprise volume. “Today, sending a stablecoin payment is like posting your bank statement on a public website,” Gandhi said. “Every amount, every recipient, every balance, visible to anyone. Enterprises will never move meaningful payment flows onchain if every transaction is visible to the world.” A previous crypto.news opinion made a similar case, arguing that if stablecoins aren’t private, nothing is.\nPayy was originally founded as Polybase, a web3 database project, before pivoting toward stablecoin payments in 2023. Gandhi said the pivot came from realizing that zero-knowledge technology built for the database could plug what he sees as a structural gap in the stablecoin stack. The company now offers a self-custodial wallet — launched in January 2024 — and a Visa card that went live in August 2025, allowing users to spend USDC anywhere Visa is accepted while keeping on-chain transactions private.\nThe Payy Network\nPayy’s longer-term infrastructure play is the Payy Network, an Ethereum Layer 2 rollup using zero-knowledge proofs to shield transaction details including sender, receiver, and amounts. The company announced the network last month. A testnet is expected to launch next month, with a mainnet rollout planned for this summer. A native token is also in the pipeline, though Gandhi declined to set a timeline. A previous crypto.news story on USDCx highlighted how Aleo’s zero-knowledge infrastructure is pursuing a near-identical thesis — private stablecoin transfers with selective regulatory disclosure — suggesting the market for this architecture is becoming genuinely competitive.\nTargeting enterprise stablecoin flows\nPayy is based in New York and has a team of 12, with plans to hire across business development and engineering. The platform currently serves more than 100,000 users across 120 countries, processing roughly $130 million in annualized transaction volume. The company generates revenue through onramping fees, gas fees, and enterprise contracts.\nGandhi said a dozen design partners are already building on the testnet to add privacy to “billions of dollars of stablecoin flows,” and framed the FirstMark relationship as a direct channel into enterprise distribution. “With the FirstMark investment, we have access to some of the best technology-forward companies on the planet, who we plan to onboard to stablecoins in the coming months,” he said. Payy now joins a broader wave of stablecoin infrastructure startups attracting institutional capital, including Gnosis, which entered U.S. markets through a partnership with stablecoin startup Noah after the latter raised $22 million in seed funding.\n\n\n\n\n\n                Read more:\n            \n\n                South Korea exchanges record $60B crypto outflows as profits fall","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}