Can Payy’s $6M Seed Cash Make Stablecoin Payments as Private as Your Diary?

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In the grand theater of finance, where dollars dance like moths around a flame, Payy has managed to snatch a cool $6 million in seed funding under the approving gaze of FirstMark. Their aim? To weave a tapestry of zero-knowledge payments that would make even a snooping squirrel blush. The goal is audacious: to cloak USDC transactions in a shroud of secrecy, much like one might hide their less-than-flattering selfies.

  • Hailing from the concrete jungle of New York, Payy, once known as Polybase, has glided into the limelight with $8 million in total funding, courtesy of a December 2025 seed round led by none other than FirstMark Capital – the same folks who backed Airbnb and Pinterest. Clearly, they have an eye for the avant-garde.
  • The company is crafting a payments network so private, it could give a ninja a run for their money, all thanks to the magic of zero-knowledge proofs. They argue, quite persuasively, that the current transparency of public blockchains is akin to leaving your front door wide open while you take a nap.
  • With over 100,000 users spanning 120 countries and a staggering $130 million annual transaction volume, Payy is set to unveil its mainnet this summer, as if waiting for the curtains to part on opening night.

As the ink dries on this new venture, co-founder Sid Gandhi quips, “We were preempted by FirstMark,” as if they were merely players in a game of chess, making strategic moves. His argument resonates with many in the stablecoin realm; on-chain payments are too exposed for serious business dealings. “Sending a stablecoin payment today is like posting your bank statement on a public website,” he remarks, painting a vivid picture of fiscal exhibitionism. In a world where every transaction can be scrutinized, who would dare take the leap?

Originally conceived as Polybase, a web3 database project, the metamorphosis into a stablecoin payment platform came when Gandhi realized that the zero-knowledge technology they developed could fill a gaping hole in the stablecoin universe. Now, with a self-custodial wallet launched just last January and a Visa card that went live in August 2025, users can finally spend their USDC anywhere Visa winks at them, all while keeping their transactions as private as a secret recipe.

The Payy Network

Looking ahead, the Payy Network aims to become the ethereal backbone of Ethereum Layer 2 rollups, utilizing zero-knowledge proofs to guard transaction details like a dragon guarding its hoard. A testnet is on the horizon, set to launch next month, while the mainnet rollout looms large this summer. Plans for a native token are also bubbling beneath the surface, though Gandhi seems coy about unveiling a timeline. In tandem with Aleo’s similar ambitions, it’s clear that the market for these stealthy financial maneuvers is heating up.

Targeting enterprise stablecoin flows

With a team of twelve poised for expansion, Payy is making waves across the globe, boasting 100,000 users and processing an impressive $130 million annually. Revenue streams are bubbling forth from onramping fees, gas fees, and contracts forged with enterprises that no doubt appreciate a bit of discretion.

Gandhi proudly declares that a dozen design partners are already testing the waters on their testnet, aiming to cloak “billions of dollars of stablecoin flows” in privacy. He regards the relationship with FirstMark as a golden ticket to the enterprise playground, allowing Payy to strut among the giants of technology. As the tide of stablecoin infrastructure startups rises, Payy is riding the wave, joined by others like Gnosis, which has recently made its U.S. debut through a partnership with Noah after a successful $22 million seed round.

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2026-03-25 22:10