Zama is expanding its lineup of confidential Morpho vaults and bringing its private swap product to Ethereum, broadening a confidential DeFi stack built on fully homomorphic encryption (FHE) — a form of cryptography that allows computation directly on encrypted data — that began with a single USDC vault and now points toward multiple curators and an onchain RFQ swap venue. According to unconfirmed reports, both the vault expansion and the Ethereum private swaps went live on September 15, 2026, though Zama's own product pages still describe an earlier launch cadence and an invite-only swap beta. The significance is that ordinary Ethereum transactions expose amounts and trading directions to public view, while these products are built to keep individual amounts and trade directions out of that view.

Key points:

• Zama is expanding its confidential Morpho vault lineup.
• Zama has launched private swaps.
• The private swaps launch is on Ethereum.

Zama expands its confidential Morpho vault lineup

Zama, a cryptography company specializing in FHE, runs its confidential vault program on Morpho, a decentralized lending protocol whose curation model lets third parties structure lending strategies. The program started with a single live strategy: the Steakhouse Confidential Prime USDC vault, curated by Steakhouse Financial and accepting confidential USDC (cUSDC), according to Zama's September 2 newsletter. That first vault reportedly crossed $40 million during August 2026, a company-reported threshold rather than an independently verified current balance. Because the curation model assigns each strategy to its own curator, added curators would mean additional separately managed confidential strategies alongside the Steakhouse vault.

The initial vault opened for deposits on June 23, 2026, and routes into a Morpho lending strategy collateralized by cbBTC, WBTC and wstETH, per the June 17 launch announcement, which detailed the initial partner structure with Steakhouse and Morpho.

Zama's confidential vaults product page currently identifies only the Steakhouse Confidential Prime USDC vault as live and states that more strategies and curators are to come. It does not yet name an expanded live lineup, so the specific new vaults, curators and supported assets attached to the September 15 expansion remain unconfirmed pending a dated announcement.

Separately, Morpho has been extending its curated-market model across chains, including plans to launch a Midnight lending protocol on Base. Any confidential-vault balances remain distinct from Morpho's protocol-wide liquidity, which the Zama figures do not represent.

Zama launches private swaps on Ethereum

The private swaps launch is on Ethereum, extending Zama's Confidential Swap product beyond the vault deposit flow. As of the September 2 newsletter, the public RFQ launch was still described as coming soon, and the current Confidential Swap page labels the Ethereum product live in private beta with invite-only access, which does not by itself establish a September 15 public launch.

Confidential Swap operates as an RFQ venue built on an onchain blind auction, per Zama's product documentation. Whitelisted market makers see the trade size but not the direction, and only the winning maker learns the direction in order to settle, defining the disclosure boundary of the mechanism. That setup contrasts with a standard onchain swap, where a trade's direction is visible to anyone reading the ledger; here, makers quote on size alone and learn the direction only if their bid wins.

The swap FAQ also states that confidential vault positions can be traded against USDC without unshielding or waiting for redemption, linking the two products at the settlement layer. In practice, that lets a holder adjust a vault position without the unshielding step that reveals an exit amount. The page spells the vault-share symbol inconsistently, so a definitive ticker is not confirmed here. Supported pairs, the release stage beyond private beta and the full transaction flow require a dated announcement before they can be described as generally available.

Privacy scope and access details to verify

Zama uses “confidential” for the vaults and “private” for the swaps, but the terms carry specific, product-level mechanics rather than blanket anonymity. On the vault side, deposits are collected over a 24-hour window and only the aggregate batch total is deployed, though the public can still see that an address joined a batch.

Confidential withdrawals settle in the next batch, roughly every 24 hours; immediate redemption requires unshielding shares and reveals the exit amount, per Zama's vault documentation. That withdrawal cadence, versus instant redemption that exposes the amount, is the practical trade-off users face on the vault side.

Access remains gated: the swap venue relies on whitelisted professional market makers, and Zama describes optional disclosure to auditors or regulators as a design choice, not a compliance determination or a guarantee of anonymity. ZAMA also remains a traded asset touched by exchange listing decisions, having appeared among the tokens in a recent Coinbase Futures delisting round.

Wallet, eligibility and audit requirements for both products remain unestablished by the currently available sources, and the September 15 expansion and public swap launch are so far supported only by unconfirmed reporting. The signals to watch next are a dated Zama announcement naming the additional vaults and curators, and any update moving the Confidential Swap page beyond its invite-only beta label.