Crypto project Payy has unveiled a new Ethereum layer-2 network aimed at enabling private ERC-20 token transfers. The network routes transactions through privacy pools by default, requiring no smart contract changes, and can be added as a custom chain in wallets like MetaMask.

Payy says the network targets institutions and fintech firms seeking to bring capital flows onchain without exposing financial data, as well as crypto users who want privacy without managing multiple wallets. The project has also signed undisclosed launch partners among stablecoin issuers, to be revealed in the coming weeks.

Compatible with any Ethereum Virtual Machine (EVM) wallet, the layer-2 primarily supports private stablecoin transfers while also handling all ERC-20 tokens.