Zama unveils confidential Morpho vaults and swap protocol

6.6 Tech

Sep 15, 2026

Zama launched 16 confidential Morpho vaults and a private swap protocol on Ethereum, targeting institutional users seeking privacy in yield strategies and trading.

Zama has expanded its confidential finance ecosystem on Ethereum by launching 16 new confidential Morpho vaults, supporting assets such as USDC, USDT, AUSD, and TGBP. This follows the rapid success of its first confidential vault, which reached $40 million in total value locked within seven weeks of its June debut. The new vaults are curated by partners including Steakhouse, Armitage by Wintermute, Flowdesk, RockawayX, and Bitwise. Twelve vaults replicate existing Morpho strategies with enhanced privacy, while four are tailored for confidential deposits. Additionally, Zama introduced the Zama Swap Protocol, enabling confidential swaps between supported assets and vault shares without disclosing transaction details. The protocol, in private beta, uses encrypted RFQ and blind auctions among whitelisted market makers, with swap fees used to buy back and burn ZAMA tokens. These developments aim to attract institutional allocators and corporate treasuries seeking privacy-preserving yield strategies and confidential trading.