Stellar Community Fund

Encifher

SCF #36

SCF #35

Build Eligible

Build

We are building Encifher, a programmable privacy infrastructure designed to bring encrypted computation and compliant privacy to Stellar’s payment rails. We are doubling down on the stablecoin segment, where we see the strongest product-market fit for privacy. Stablecoins are the fastest-growing category in crypto, with $200B+ supply expected to double this year. In 2024, stablecoin transfer volume exceeded $24 trillion. Encifher’s addressable market is large, even if 5% of stablecoin flows demand privacy, that’s a $1.2 trillion opportunity. With a modest 0.1% fee and 10-25% market share, Encifher’s revenue potential ranges from $120M to $600M annually. For our GTM we are targeting crypto card companies, neobanks, merchant payment providers, and payroll platforms operating on stablecoins. Stellar’s Disbursement Program and Coala Pay could directly benefit from privacy-preserving rails. Encifher provides developers with an SDK to integrate private transactions into their apps without compromising on compliance or UX. It protects sensitive data like transaction histories, balances, and payment flows while preserving auditability. Technically, Encifher uses an off-chain co-processor architecture to enable encrypted computation on Stellar’s global ledger. It supports encrypted tokens with hidden balances and transaction flows. The privacy engine combines threshold cryptography, TEEs, and client-side ZK proofs for fraud prevention. This aligns closely with Stellar’s vision of enabling global payments infrastructure. Stellar provides stablecoin rails, and Encifher adds privacy and encrypted computation as a native layer. Our vision is to make HTTPZ for crypto payments, privacy as default infrastructure, enabling businesses, merchants, and users to operate privately, compliantly, and globally.