Private dollars.
Auditable settlement.
CYPHER is a private dollar for on-chain settlement. You hold the viewing key, so you choose when an auditor verifies a transaction, and no operator holds a master key. Settlement cash also earns a simulated yield while it waits.
Mint CYPHER
The market gap
$98T
Fund industry AUM
~$13B
Tokenized on public chains
<0.01%
Of fund AUM on-chain
JPMorgan tested five privacy solutions for tokenized asset settlement. Every one required a trusted party holding a master decryption key.
Cypher is built for the gap between $98 trillion in fund assets and the $13 billion that has moved on-chain.
Source: JPMorgan, Project EPIC, December 2024.
APY (sim)
TVL
CYPHER Supply
How it works
Four steps from ETH to private, yield-bearing dollars.
Deposit ETH
Mint CYPHER at 1:1 USD value. A small 0.1% fee applies.
Earn yield
ETH is staked and hedged delta-neutral. Yield auto-compounds into CYPHER.
Go private
Optional: move CYPHER into the ZK shielded pool for a 0.5% fee.
Redeem
Burn CYPHER for ETH at any time. A 0.2% redemption fee applies.
Why CYPHER
Selective disclosure, private settlement, and reusable compliance. Built for funds, transfer agents and banks, not retail speculation.
Selective disclosure
You grant an auditor a view of one transaction. No operator holds a master key.
Private settlement
Amount, transaction type and token type stay confidential. Addresses stay anonymous.
Reusable compliance
Verify identity once. Reuse the attestation across the lifecycle.
Yield while it waits
Settlement cash earns instead of sitting idle. A simulated 5–15% APY today, not real yield.
Stake CYPHER, Earn Up to 25% APY (Simulated)
Simulated rates, not real yield. Lock your CYPHER to earn protocol fee share. Flexible staking starts at 12.5% APY. Longer locks earn up to 25% APY.
Proof of Reserves (Demo)
Simulated collateral data from unaudited mock contracts. Not real reserves.
CYPHER Supply
0.00
ETH Backing
0.00
Collateral Ratio
0%
Peg Status
Stable
ETH Staked
0.00
Vault ETH
0.00
Insurance Fund
0.00
Hedge Position
0.00
Collateral Breakdown
10/13/2026, 3:23:09 PMData sourced directly from unaudited mock contracts on Base. Simulated, not real reserves.