IConfidential tokens
Encrypted balances at the protocol layer.
ERC-7984 stores every balance, every transfer amount, every approval as ciphertext on Zama's FHEVM. Etherscan shows a transfer. Nothing else.
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Tessera is the institutional rail for on-chain settlement of tokenized real-world assets. Encrypted balances, atomic delivery-versus-payment, and an AI compliance copilot that never sees plaintext.
FHE confidentiality
Atomic settlement
Confidential token
Live testnet
AI on commitments
tes·se·ra
n. a small block of stone or glass used in a mosaic. Each tile, encrypted; the whole, the rail.
§ Architecture · 8.1
ERC-7984 stores every balance, every transfer amount, every approval as ciphertext on Zama's FHEVM. Etherscan shows a transfer. Nothing else.
Settlement.sol moves the asset and the payment in a single transaction. Either both succeed or neither. T+0, no central counterparty.
The model reasons over commitments and category metadata — ‘Tier-1 EU institution, ticket bracket $1–5M, asset class T-Bill’ — then signs an attestation. Settlement gates on the signature.
The 90-second demo
Maria · Acme Capital
Opens dashboard. Etherscan shows zero plaintext.
Maria
Sells $1M T-Bills, min 99.85. Encrypted RFQ submitted.
Copilot
Matches with David at Bravo. Signs compliance verdict.
Maria · Mobile
Push notification → biometric approve. $1M settles in one block.
Eli · Auditor
“Show me Acme's trades over $500K this week.” Selective decrypt.
Rita · Regulator
“Any trades involving sanctioned entities?” FHE check, returns none.
One block. Encrypted end-to-end.
Public chain shows nothing.
Trillions in tokenized real-world assets are stuck behind permissioned chains, OTC desks, and 2-day settlement windows. Public chains expose everything. Tessera closes the gap.