Rayls is a blockchain infrastructure stack designed for institutions and retail users to transact onchain and connect private institutional chains with public chains to access DeFi primitives. It preserves client privacy, supports regulatory compliance, and is composed of Privacy Nodes, Private Networks, the Enygma privacy framework, and the Rayls Public Chain.
A Privacy Node is a permissioned, private EVM chain self-operated by a financial institution to execute intra-institution transactions that abide by internal control rules.
In June 2024, Nuclea, a Brazil-based financial market infrastructure and payments processor, launched Rayls’ first privacy node in production and issues 40,000 tokenized credit receivable assets per month.
On Dec. 5, 2025, Rayls partnered with AmFi, a private credit tokenization platform, to issue $1 billion in tokenized real-world assets on Rayls by 2027.
In June 2025, Rayls launched the Public Chain testnet, and plans to launch mainnet in March 2026.
Primer
Rayls (RLS) is a blockchain infrastructure stack built for institutions and retail users to transact onchain while maintaining transaction privacy, account privacy, and regulatory compliance. It has four components: Privacy Nodes, Private Networks, the Enygma privacy framework, and the Rayls Public Chain, an EVM-compatible L1.
Each Privacy Node is an institution's self-operated private EVM chain for internal token issuance, transfers, and client account management. Privacy Nodes transact with each other through Rayls Private Networks, which are permissioned blockchains that govern institutions under the same regulatory framework. Private Networks keep internal client data private through Enygma, while supporting selective, read-only access for regulatory audits.
Enygma validates transactions using ZK proofs without revealing the sender, recipient, amount, token ID, other transaction data, and secures communication through post-quantum authenticated key exchange. Privacy Nodes can also bridge assets to the Rayls Public Chain to use permissionless DeFi applications. The Public Chain testnet is live, and Rayls plans to launch mainnet in March 2026.
On Dec. 1, 2025, Rayls launched its native RLS token, with 15.0% (1.5 billion RLS) of the 10 billion total supply circulating at TGE. RLS supports validator staking, governance participation, and transaction fee payments.
A Rayls Privacy Node is a permissioned, private EVM chain self-operated by a financial institution. Each institution installs and controls one Privacy Node, typically behind internal firewalls, without shared operational control. Institutions control block production and state execution on their node, including account and balance updates when transactions run.
Each Privacy Node integrates with existing or third-party custody solutions or institutional systems through APIs, including core banking software, ERP systems, or data feeds, to enforce existing approval and reconciliation processes for onchain transactions. Privacy Nodes can store KYC, AML, and countering the financing of terrorism (CFT) credentials, allowing institutions to deploy smart contracts that enforce internal control rules, such as role based access controls, freezing, seizing, or locking tokens, by referencing that data during transaction execution.
Private Networks: Inter-Institution Transactions
Introduction and Governance
In addition to intra-institution transactions, Privacy Nodes can send inter-institution transactions using Rayls Private Networks. A Private Network is an EVM-compatible blockchain with a customisable regulatory framework that orchestrates and validates transactions between participant Privacy Nodes. A Private Network operator defines the governance rules that regulate the network and manages the core infrastructure, including Privacy Node approvals, Private Network token approvals, smart contracts, and registries for Privacy Nodes and tokens. Institutions connect their Privacy Node to a Private Network through an offchain registration process run by the Private Network operator.
Tokens require explicit approval for transactions on a Private Network. Institutions first deploy and mint a token on their own Privacy Node, then submit a token registration request to the Private Network operator. Once approved, the Private Network operator adds the token to the network’s token registry, allowing for transactions.
Transactions
Rayls uses two protocols for different cross-node transfer types, Teleport and Enygma privacy framework.
Teleport
Teleport is a private transaction protocol for cross-chain messages, instructions, and token transfers. It enables atomic transactions that rely on handler smart contracts, which execute cross-node transfer logic for ERC-20, ERC-721, and ERC-1155 tokens. A Privacy Node initiates a teleport transaction by calling the token-specific handler smart contract. The sending node encrypts the transaction using its Diffie-Hellman (DH) keys and forwards it to its relayer, which broadcasts the encrypted transaction, along with the required proofs and state commitments, to the Private Network, where the network’s ledger records it. All checks occur during transaction execution, and if any check fails due to Private Network issues, relayer malfunctions, or destination ledger errors, the transaction reverts, and the tokens are re-minted on the sending Privacy Node.
Enygma Privacy Framework
Enygma supports privacy-preserving, atomic cross-node transactions where assets, such as tokenized deposits, CBDCs, or non-fungible financial instruments, cannot be burned and re-minted during transfer. Enygma coordinates payments and delivery-versus-payment (DvP) transfers for ERC-20, ERC-721, and ERC-1155 tokens across Privacy Nodes while preserving transaction confidentiality and enforcing network-level permissioning.
During execution, Enygma enforces network-level permissioning and transaction constraints using ZK proofs. These validations confirm that the token is approved and registered in the Private Network, that both the sending and receiving Privacy Nodes are authorized participants, and that the transaction does not violate network-level constraints such as double-spend prevention or balance consistency. Once validated, the Private Network relays the encrypted transaction to the receiving Privacy Node. The node decrypts the transaction using its own DH keys, after which the corresponding tokens are minted.
Only the sending and receiving Privacy Nodes can decrypt transaction details using their DH keys, preserving privacy from other Private Network participants. A designated network auditor can be given a copy of the DH keys, allowing read-only access to encrypted transactions recorded on the Private Network.
Private Network Validation
The Private Network validates cross-node activity by comparing cryptographic proofs submitted by Privacy Nodes to prevent fraud and double-spend, without accessing transaction contents.
Rayls uses two proofs to enforce these guarantees. First, Privacy Nodes publish time-based state commitments that summarize recent block header data at regular intervals, giving the network a rolling view of each node’s latest committed state without revealing internal transaction details. Second, both the sending and receiving Privacy Nodes submit transaction proofs for each cross-node transfer. The Private Network conducts validation checks for each transaction by comparing the latest time-based state commitments with node transaction proofs to verify that no double-spending occurred, while keeping transaction data encrypted.
Teleport validation occurs as part of transaction execution, where the Private Network checks cross-node state consistency using block header commitments and transaction proofs before settlement. Enygma checks run earlier in the flow, enforcing transaction privacy and validity before the transaction is registered or shared across nodes.
Rayls Public Chain: Privacy Node application Transactions
The Rayls Public Chain is an EVM-compatible L1 that serves as a coordination layer for Privacy Nodes to interact with permissionless applications, such as DeFi protocols, and facilitate asset transfers between institutions, developers, and retail users. Rayls also plans to enable retail-to-retail transactions on the Public Chain when live. The Public Chain testnet is live, and Rayls plans to launch mainnet in March 2026.
The Public Chain uses a proof-of-staked authority consensus model, a proof-of-stake variant with a permissioned validator set, and denominates transaction fees in USDr, Rayls’ USD-pegged stablecoin. Users pay transaction fees in USDr, which are then exchanged to RLS for settlement. Standard asset transfers will have a fixed dollar-denominated fee (i.e., $0.01 per transfer) while complex transactions, such as lending, will incur higher gas costs. For a full breakdown on RLS utility and tokenomics, refer to our Pulse report on the RLS token TGE.
Once the Public Chain mainnet is live, a primary use case is for institutions to lock assets within their private environments (Privacy Nodes) and mint corresponding tokens on the Public Chain for controlled distribution to permissionless counterparties, such as yield distribution for tokenized private credit assets to public market participants.
Rayls has also stated that the Public Chain can route asset transfers between Privacy Nodes that do not share a Privacy Network, though public documentation on connection flows and bridging mechanics remains limited.
Client Projects
Núclea
In June 2024, Rayls launched its first Privacy Node with Núclea, a Brazil-based financial market infrastructure and payments processor, with $4 trillion in annual transaction volume. Nuclea issues 40,000 tokenized commercial receivables each month for trading and collateralization using Rayls infrastructure, enabling secondary trading between member institutions in their own Private Network.
AmFi
On Dec. 5, 2025, Rayls expanded this institutional activity through a partnership with AmFi, a Brazilian private credit tokenization platform. AmFi has tokenized over $500 million in credit and debt instruments and plans to migrate its existing portfolio to Rayls and issue new private credit assets on the network.
Total value tokenized (TVT) measures the notional value of real-world assets issued as onchain tokens. The partnership includes target milestones of $100 million in TVT by July 2026, $500 million by January 2027, and $1 billion by June 2027. AmFi registers all assets under the Central Bank of Brazil regulations and holds them with licensed custodians.
Nimofast
On Jan. 15, Nimofast Global, a Brazil-based energy and logistics conglomerate, announced a partnership with Rayls and plans to tokenize up to $100 billion in energy and logistics-related real-world assets, including receivables, inventory, and supply-chain instruments.
Closing Summary
Rayls is a blockchain infrastructure stack built for institutions and retail users to transact onchain while maintaining transaction privacy, account privacy, and regulatory compliance. The stack includes institution-operated Privacy Nodes, Private Networks that coordinate inter-institution transfers, the Enygma privacy framework, and the Rayls Public Chain, an EVM-compatible L1.
Privacy Nodes form the core execution environment for institutional users, enabling asset issuance and transfer internally under their own control while enforcing compliance through smart contracts. Private Networks extend this model to inter-institution settlement, coordinating encrypted asset transfers between approved Privacy Nodes under shared regulatory frameworks and validating activity through cryptographic proofs without exposing transaction details. The Rayls Public Chain mainnet is scheduled to launch in March 2026 and is designed to connect institutional Privacy Nodes with public blockchain infrastructure for asset interactions beyond Private Networks.
In June 2024, Núclea, a Brazil-based financial market infrastructure and payments processor with $4 trillion in annual volume, launched Rayls’ first Privacy Node and issues over 40,000 tokenized credit receivable assets per month. On Dec. 5, 2025, Rayls partnered with AmFi, a private credit tokenization platform, to issue $1 billion in tokenized real-world assets on Rayls by 2027. On Jan. 15, Nimofast, a Brazil-based energy and logistics conglomerate, announced plans to issue $100 billion in tokenized real-world assets on Rayls.
As Rayls expands institutional participation and prepares for the Public Chain mainnet launch in March 2026, the platform is positioned to support an increased amount of institutional onchain activity and asset issuance in 2026, providing DeFi investors with access to institutional yield-bearing assets.
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Austin is a Sr. Research Analyst for Messari’s Protocol Services team. He focuses on Prediction Markets, DeFi, & Interop. protocols. He previously worked on PwC's Digital Assets team.
Austin is a Sr. Research Analyst for Messari’s Protocol Services team. He focuses on Prediction Markets, DeFi, & Interop. protocols. He previously worked on PwC's Digital Assets team.
