iExec RLC

How Confidential Tokens turn privacy from a blocker into a usable on-chain primitive
Most people understand the problem with public blockchains. Everything is visible by default: balances, transfers, allocations, and positions. What is less understood is what that means in practice. It does not just create discomfort. It blocks entire categories of on-chain activity for institutions, treasuries, funds, and tokenized assets.
That is where the Confidential Token comes in. It is not just a privacy feature layered on top of an ERC-20. It is a new way to use tokens on-chain: one where balances and transfer amounts can remain confidential, while authorized parties still get access when needed through selective disclosure.

The product wraps any ERC-20 into a confidential, auditable asset, implements ERC-7984, and runs on Intel TDX. In simple terms, it makes confidentiality usable for real financial workflows.
So what can you actually do with it?

Confidential fund shares
One of the clearest use cases is tokenized funds. Today, a fund can issue shares on-chain, but if investor balances, subscriptions, and redemptions are publicly visible, the product is misaligned with how institutional finance works. Most professional fund structures require investor confidentiality by default, even when they remain auditable to the right oversight parties
With the Confidential Token, a fund can wrap its ERC-20 shares into a confidential version and keep investor allocations hidden on-chain. Auditors, administrators, and regulators can still receive access when needed through selective disclosure. That means the token can remain auditable without becoming publicly exposed
This is a key unlock for RWAs. It allows tokenized funds to keep the benefits of blockchain rails while operating with a privacy model closer to traditional finance.

Private treasury settlement
Another major use case is treasury operations. Corporate treasuries, crypto-native companies, and protocol foundations often need to move capital, settle payroll, or make large operational payments. On a public blockchain, those transaction amounts become visible forever.
That is not just uncomfortable. It can expose internal financial operations, reveal payment structures, and create unnecessary information leakage. With the Confidential Token, treasury assets can move on-chain without broadcasting every amount to the market. The result is a better operating model for teams that want blockchain efficiency without full public exposure.

Professional DeFi allocation
The Confidential Token is also built for professional capital allocators. Hedge funds, DAO treasuries, and institutional desks all face the same problem in transparent DeFi: every move becomes a signal. Allocation changes can be tracked. Position sizes can be copied. Strategy can be front-run.
With Confidential Tokens, an allocator can deploy capital into on-chain strategies without revealing balances and transfer amounts to everyone. That changes the execution environment. Instead of exposing intent to the whole market, the allocator gets a more controlled way to participate on-chain while preserving auditability for the parties that need it.
This is especially important in yield strategies, treasury deployment, and multi-protocol capital rotation, where information leakage can directly reduce performance.

Confidential collateral
Lending is another strong use case. In public DeFi, collateral positions are visible by default. That means competitors, bots, and other market participants can monitor exposure, track liquidation thresholds, and react accordingly. For institutional desks, this creates a structural disadvantage.
The Confidential Token improves that model by allowing collateral to be represented in a confidential form. A desk can post collateral on-chain without making every ratio and position visible to the market. This helps protect strategy, reduce adversarial visibility, and make lending workflows more compatible with professional risk management.
Selective disclosure for compliance
Across all of these use cases, the most important capability is selective disclosure. Institutions do not need opacity. They need control. Sensitive data should remain private from the market while staying accessible to regulators, auditors, administrators, and approved counterparties when required.
That is what makes the Confidential Token usable in real-world settings. It is not hide everything. It is “keep data confidential by default, disclose it when necessary, and only to the right parties.

For institutions and RWA issuers, that is the difference between a privacy tool and an institution-ready financial primitive.
The Confidential Token changes what on-chain finance can support. 
It removes one of the main frictions that has kept institutional capital and many tokenized assets on the sidelines: the fact that public blockchain infrastructure exposes too much by default
This is why the product is more than a technical upgrade. It is a growth enabler. For funds, it supports confidential investor positions. For treasuries, it protects operational flows. For DeFi allocators, it protects execution. For RWA issuers, it creates a better model for compliant tokenization

And this is only the starting point. The Confidential Token is the first product launched on Nox, the confidential smart contract protocol built by iExec to bring confidential financial logic on-chain. It is the first product expression of a broader confidential DeFi stack
If on-chain finance wants to serve larger markets, it needs more than transparency. It needs confidentiality, auditability, and control. The Confidential Token is built to make those use cases possible.
Dive into the technical specifications of ERC-7984 and the iExec Confidential Token and Reach out to our experts to discuss how iExec can support your institutional privacy needs.  
➡️Learn more about the iExec Confidential token: https://docs.iex.ec/nox-protocol/getting-started/welcome 
➡️Contact us:  https://www.iex.ec/contact-us 
$RLC
{spot}(RLCUSDT)

How Confidential Tokens turn privacy from a blocker into a usable on-chain primitive
Most people understand the problem with public blockchains. Everything is visible by default: balances, transfers, allocations, and positions. What is less understood is what that means in practice. It does not just create discomfort. It blocks entire categories of on-chain activity for institutions, treasuries, funds, and tokenized assets.
That is where the Confidential Token comes in. It is not just a privacy feature layered on top of an ERC-20. It is a new way to use tokens on-chain: one where balances and transfer amounts can remain confidential, while authorized parties still get access when needed through selective disclosure.

The product wraps any ERC-20 into a confidential, auditable asset, implements ERC-7984, and runs on Intel TDX. In simple terms, it makes confidentiality usable for real financial workflows.
So what can you actually do with it?

Confidential fund shares
One of the clearest use cases is tokenized funds. Today, a fund can issue shares on-chain, but if investor balances, subscriptions, and redemptions are publicly visible, the product is misaligned with how institutional finance works. Most professional fund structures require investor confidentiality by default, even when they remain auditable to the right oversight parties
With the Confidential Token, a fund can wrap its ERC-20 shares into a confidential version and keep investor allocations hidden on-chain. Auditors, administrators, and regulators can still receive access when needed through selective disclosure. That means the token can remain auditable without becoming publicly exposed
This is a key unlock for RWAs. It allows tokenized funds to keep the benefits of blockchain rails while operating with a privacy model closer to traditional finance.

Private treasury settlement
Another major use case is treasury operations. Corporate treasuries, crypto-native companies, and protocol foundations often need to move capital, settle payroll, or make large operational payments. On a public blockchain, those transaction amounts become visible forever.
That is not just uncomfortable. It can expose internal financial operations, reveal payment structures, and create unnecessary information leakage. With the Confidential Token, treasury assets can move on-chain without broadcasting every amount to the market. The result is a better operating model for teams that want blockchain efficiency without full public exposure.

Professional DeFi allocation
The Confidential Token is also built for professional capital allocators. Hedge funds, DAO treasuries, and institutional desks all face the same problem in transparent DeFi: every move becomes a signal. Allocation changes can be tracked. Position sizes can be copied. Strategy can be front-run.
With Confidential Tokens, an allocator can deploy capital into on-chain strategies without revealing balances and transfer amounts to everyone. That changes the execution environment. Instead of exposing intent to the whole market, the allocator gets a more controlled way to participate on-chain while preserving auditability for the parties that need it.
This is especially important in yield strategies, treasury deployment, and multi-protocol capital rotation, where information leakage can directly reduce performance.

Confidential collateral
Lending is another strong use case. In public DeFi, collateral positions are visible by default. That means competitors, bots, and other market participants can monitor exposure, track liquidation thresholds, and react accordingly. For institutional desks, this creates a structural disadvantage.
The Confidential Token improves that model by allowing collateral to be represented in a confidential form. A desk can post collateral on-chain without making every ratio and position visible to the market. This helps protect strategy, reduce adversarial visibility, and make lending workflows more compatible with professional risk management.
Selective disclosure for compliance
Across all of these use cases, the most important capability is selective disclosure. Institutions do not need opacity. They need control. Sensitive data should remain private from the market while staying accessible to regulators, auditors, administrators, and approved counterparties when required.
That is what makes the Confidential Token usable in real-world settings. It is not hide everything. It is “keep data confidential by default, disclose it when necessary, and only to the right parties.

For institutions and RWA issuers, that is the difference between a privacy tool and an institution-ready financial primitive.
The Confidential Token changes what on-chain finance can support. 
It removes one of the main frictions that has kept institutional capital and many tokenized assets on the sidelines: the fact that public blockchain infrastructure exposes too much by default
This is why the product is more than a technical upgrade. It is a growth enabler. For funds, it supports confidential investor positions. For treasuries, it protects operational flows. For DeFi allocators, it protects execution. For RWA issuers, it creates a better model for compliant tokenization

And this is only the starting point. The Confidential Token is the first product launched on Nox, the confidential smart contract protocol built by iExec to bring confidential financial logic on-chain. It is the first product expression of a broader confidential DeFi stack
If on-chain finance wants to serve larger markets, it needs more than transparency. It needs confidentiality, auditability, and control. The Confidential Token is built to make those use cases possible.
Dive into the technical specifications of ERC-7984 and the iExec Confidential Token and Reach out to our experts to discuss how iExec can support your institutional privacy needs.  
➡️Learn more about the iExec Confidential token: https://docs.iex.ec/nox-protocol/getting-started/welcome 
➡️Contact us:  https://www.iex.ec/contact-us 
$RLC
{spot}(RLCUSDT)

The missing privacy layer for institutional DeFi & RWA
DeFi was built for transparency. 
On public blockchains, balances, transfers, and positions are visible by default. That transparency pushed DeFi TVL to $172B in December 2021. But today, it is also becoming a ceiling. Even in the last bull cycle, TVL did not break its previous all-time high.

DeFiLlama - Total Value Locked Chart - March 2026

DeFi needs a new growth engine. 
That engine is institutional DeFi, and the clearest entry point is RWAs. The next wave of growth will not come from recycling the same on-chain capital across the same protocols. It will come from bringing much larger pools of capital on-chain: funds, credit products, treasury assets, private market instruments, and institutional balance sheets.
That is where the opportunity sits. 
There is an estimated $100T of assets that could move on-chain, yet only a tiny fraction has so far. This is not just a tokenization gap. It is a product gap between public blockchain infrastructure and institutional requirements.
Transparency is the main pain point to solve
Institutions are interested in blockchain rails, tokenization, and on-chain markets. But they cannot operate in an environment where sensitive financial data is exposed to everyone. 
When a fund moves millions into a yield strategy, the market can react before the position settles. When a tokenized fund exposes investor allocations on-chain, confidentiality requirements break down. When a corporate treasury moves capital or settles payroll, transaction amounts become permanently public.
DeFi was built for transparency. Institutional finance was not.
That is exactly what iExec fixes with the Confidential Token.

The Confidential Token is the missing privacy layer for institutional DeFi. 
It turns any ERC-20 into a confidential, auditable asset, with encrypted balances and transfer amounts, while preserving the control institutions need to operate on a public blockchain. In simple terms, it removes one of the biggest blockers preventing institutional capital and RWAs from moving on-chain at scale.
Its model is simple: wrap, transact privately, disclose selectively, then unwrap back into the public token. An existing ERC-20 can be wrapped into its confidential equivalent, used with confidentiality enabled, and later unwrapped back into the original asset. That gives issuers, protocols, and DeFi allocators a practical path to confidential DeFi without redesigning the underlying token.

The product implements ERC-7984 and runs on Intel TDX. 
ERC-7984 provides the framework for confidential token behavior, while Intel TDX provides the secure execution environment that protects sensitive computation at scale with TEE. Together, they make the Confidential Token secure by design and built for institutional use.
Privacy is not new for iExec. 
Since 2017, we have been building programmable privacy infrastructure and deep expertise in Trusted Execution Environments. What is new is bringing that foundation on-chain for a specific category: confidential DeFi.
The Confidential Token is the first product to make that shift real.
The Confidential Token is a growth enabler for the whole blockchain industry
And the real unlock is selective disclosure. 
Institutions do not need opacity. They need control. Sensitive financial data should stay private from the market while remaining accessible to the right parties when needed. Regulators, auditors, administrators, and approved counterparties may need visibility. Competitors and the public market do not.
This is what makes the Confidential Token especially important for RWAs. 
Tokenized funds, private credit products, treasury instruments, and other regulated assets cannot scale institutionally if investor balances, subscriptions, redemptions, or settlement flows are public by default. With selective disclosure, that information can stay confidential on-chain while remaining auditable on demand.

That is the missing link to the $100T opportunity.

The market is not missing demand for tokenization. It is missing infrastructure that matches institutional operating requirements. If sensitive financial data remains public by default, a large part of institutional capital will stay out. Remove that pain point, and the market opens up.
The same logic applies to DeFi capital allocators.
Professional investors, DAO treasuries, and institutional desks should not have to reveal every position, allocation, or collateral configuration in real time. When that information is public, strategies can be copied, front-run, or exploited. Confidentiality protects execution, reduces information leakage, and makes on-chain participation more viable for larger pools of capital. That is why the Confidential Token is more than a privacy feature. It is a growth enabler. For RWA issuers, it removes one of the key reasons institutional products remain constrained off-chain. For DeFi protocols and allocators, it opens the door to capital that cannot operate under full public transparency.

The Role of RLC in the Confidential DeFi Stack

As we introduce the Confidential Token, it’s important to highlight the role of RLC, the native utility token at the core of iExec’s infrastructure.
This demo focuses on showcasing the product and its capabilities, and  RLC remains a central piece of the ecosystem. It represents the value of the off-chain computing infrastructure powering confidential execution.
RLC will operate at  protocol level. It is directly integrated into the infrastructure and captures value from usage, transactions, and execution demand. As adoption grows, more confidential execution leads to more protocol activity, reinforcing the RLC value cycle.
At the same time, we’re working on a design that removes friction for end users and institutions. This makes the product experience simple and institution-ready, while RLC continues to function as the coordination and value layer behind the scenes.
As usage increases, protocol revenue is partially converted into RLC on the market through an automated buyback mechanism. This creates a direct link between real adoption and token demand, without introducing friction at the user level.
A more detailed overview of RLC tokenomics and its business model will be shared ahead of the mainnet launch of the new confidential DeFi and RWA protocol later this year.
Confidential Token demonstrates the product layer, while RLC remains the asset capturing the value of confidential execution at scale.

New product means new capabilities: The Foundation of Confidential DeFi
The Confidential Token is the first product built with iExec’s newly released Confidential Smart Contracts.
Currently live as a demo on Arbitrum Sepolia, it showcases how confidential execution can be applied to real DeFi and RWA workflows.
These Confidential Smart Contracts enable financial logic to run alongside public blockchains privately, combining:
Private executionSelective disclosureVerifiable resultsOn-chain composability
This architecture extends what DeFi can do, without breaking composability or requiring new ecosystems.
If institutional DeFi and RWAs are going to scale, they need more than transparency.
They need confidentiality, auditability, and control for their clients.
Confidential Token is the first step. Confidential Smart Contracts and off-chain computation are the foundation.

Want to take this a step further?
Try the Demo: https://cdefi.iex.ec/
Explore our documentation : https://docs.iex.ec/
Get in touch : http://www.iex.ec/contact-us

$RLC

How Confidential Tokens turn privacy from a blocker into a usable on-chain primitive
Most people understand the problem with public blockchains. Everything is visible by default: balances, transfers, allocations, and positions. What is less understood is what that means in practice. It does not just create discomfort. It blocks entire categories of on-chain activity for institutions, treasuries, funds, and tokenized assets.
That is where the Confidential Token comes in. It is not just a privacy feature layered on top of an ERC-20. It is a new way to use tokens on-chain: one where balances and transfer amounts can remain confidential, while authorized parties still get access when needed through selective disclosure.

The product wraps any ERC-20 into a confidential, auditable asset, implements ERC-7984, and runs on Intel TDX. In simple terms, it makes confidentiality usable for real financial workflows.
So what can you actually do with it?

Confidential fund shares
One of the clearest use cases is tokenized funds. Today, a fund can issue shares on-chain, but if investor balances, subscriptions, and redemptions are publicly visible, the product is misaligned with how institutional finance works. Most professional fund structures require investor confidentiality by default, even when they remain auditable to the right oversight parties
With the Confidential Token, a fund can wrap its ERC-20 shares into a confidential version and keep investor allocations hidden on-chain. Auditors, administrators, and regulators can still receive access when needed through selective disclosure. That means the token can remain auditable without becoming publicly exposed
This is a key unlock for RWAs. It allows tokenized funds to keep the benefits of blockchain rails while operating with a privacy model closer to traditional finance.

Private treasury settlement
Another major use case is treasury operations. Corporate treasuries, crypto-native companies, and protocol foundations often need to move capital, settle payroll, or make large operational payments. On a public blockchain, those transaction amounts become visible forever.
That is not just uncomfortable. It can expose internal financial operations, reveal payment structures, and create unnecessary information leakage. With the Confidential Token, treasury assets can move on-chain without broadcasting every amount to the market. The result is a better operating model for teams that want blockchain efficiency without full public exposure.

Professional DeFi allocation
The Confidential Token is also built for professional capital allocators. Hedge funds, DAO treasuries, and institutional desks all face the same problem in transparent DeFi: every move becomes a signal. Allocation changes can be tracked. Position sizes can be copied. Strategy can be front-run.
With Confidential Tokens, an allocator can deploy capital into on-chain strategies without revealing balances and transfer amounts to everyone. That changes the execution environment. Instead of exposing intent to the whole market, the allocator gets a more controlled way to participate on-chain while preserving auditability for the parties that need it.
This is especially important in yield strategies, treasury deployment, and multi-protocol capital rotation, where information leakage can directly reduce performance.

Confidential collateral
Lending is another strong use case. In public DeFi, collateral positions are visible by default. That means competitors, bots, and other market participants can monitor exposure, track liquidation thresholds, and react accordingly. For institutional desks, this creates a structural disadvantage.
The Confidential Token improves that model by allowing collateral to be represented in a confidential form. A desk can post collateral on-chain without making every ratio and position visible to the market. This helps protect strategy, reduce adversarial visibility, and make lending workflows more compatible with professional risk management.
Selective disclosure for compliance
Across all of these use cases, the most important capability is selective disclosure. Institutions do not need opacity. They need control. Sensitive data should remain private from the market while staying accessible to regulators, auditors, administrators, and approved counterparties when required.
That is what makes the Confidential Token usable in real-world settings. It is not hide everything. It is “keep data confidential by default, disclose it when necessary, and only to the right parties.

For institutions and RWA issuers, that is the difference between a privacy tool and an institution-ready financial primitive.
The Confidential Token changes what on-chain finance can support. 
It removes one of the main frictions that has kept institutional capital and many tokenized assets on the sidelines: the fact that public blockchain infrastructure exposes too much by default
This is why the product is more than a technical upgrade. It is a growth enabler. For funds, it supports confidential investor positions. For treasuries, it protects operational flows. For DeFi allocators, it protects execution. For RWA issuers, it creates a better model for compliant tokenization

And this is only the starting point. The Confidential Token is the first product launched on Nox, the confidential smart contract protocol built by iExec to bring confidential financial logic on-chain. It is the first product expression of a broader confidential DeFi stack
If on-chain finance wants to serve larger markets, it needs more than transparency. It needs confidentiality, auditability, and control. The Confidential Token is built to make those use cases possible.
Dive into the technical specifications of ERC-7984 and the iExec Confidential Token and Reach out to our experts to discuss how iExec can support your institutional privacy needs.  
➡️Learn more about the iExec Confidential token: https://docs.iex.ec/nox-protocol/getting-started/welcome 
➡️Contact us:  https://www.iex.ec/contact-us 
$RLC
{spot}(RLCUSDT)

Decentralized Finance has fundamentally changed how we interact with money by removing gatekeepers and making high-yield strategies accessible to anyone with an internet connection. By eliminating the need for manual approvals and minimum deposits, DeFi has created a financial system that is significantly more inclusive than traditional banking. However, the inherent transparency of current blockchains means that every time you engage in core activities like holding assets, staking to earn rewards, lending capital, or borrowing against your positions, your entire financial history is broadcasted for the world to see. This level of public exposure creates a significant hurdle for users who value their security and for institutions that require confidentiality to operate.
The visibility of every transaction amount and wallet balance is more than just a privacy concern; it is a fundamental security risk. In an era where AI driven tools can easily scrape blockchain data to profile users, being a public whale or even an active retail participant makes you a constant target for sophisticated attacks. When your staking and lending habits are completely public, you lose the basic financial privacy that is standard in the traditional world. There is a clear need for a middle ground where the benefits of blockchain remain, but the sensitive details of your personal wealth stay private.
The iExec solution centers on the Confidential Token, specifically the ERC 7984 standard. This allows any existing ERC 20 token to be wrapped into a confidential version that hides on chain balances and transaction amounts from the public eye. What makes this revolutionary is that it preserves composability. In DeFi, we often talk about Money Legos, the ability to use one asset across multiple platforms. Confidential Tokens maintain this capability, ensuring that you can still participate in the broader ecosystem without revealing the exact size of your holdings to every observer on the network.

Wrap your ERC-20 token into a confidential, auditable asset. Unwrap it back to a public ERC-20 when needed.

For the builders behind major protocols like Aave, Morpho, Euler, and Pendle, integrating these privacy features no longer requires a total system overhaul. Through Nox, the iExec confidential computing environment, developers can leverage Confidential Smart Contracts as modular building blocks. This allows DeFi architects to add privacy to their existing audited contracts in a matter of days rather than months, without switching programming languages or moving to a completely new chain. These confidential operations are discovered and combined via standard smart contract calls, removing the need for complex off chain coordination.
By making privacy a modular feature, iExec allows developers to focus on their core product while adding a layer of protection that benefits the protocol, the team, and the users alike. As hacks and exploits become more frequent, integrating privacy at the smart contract level acts as a safeguard against those who would use public data to find vulnerabilities or front-run large moves. This shift from fully public to selectively private is the natural evolution for any protocol that wants to scale to a global audience and provide a professional-grade experience for its community.
The final piece of the puzzle is Selective Disclosure. Privacy in finance is not about operating in the shadows; it is about deciding who can access sensitive information. With Confidential Tokens, users and protocols can grant approved parties, such as auditors, regulators, or trusted counterparties, permission to view specific encrypted data when needed. Public observers do not see balances or transaction amounts, while authorized parties can access the information required for review, compliance, or professional due diligence.

Selective disclosure allows you to grant access without giving up control.

This balance ensures that activities like lending and borrowing remain secure and private for the average user, while providing a clear pathway for institutional participation. It addresses the primary concern of regulatory bodies without compromising the decentralized nature of the platform. By allowing for whitelisting of wallet addresses to view specific DeFi actions, iExec gives users a level of control over their financial footprint that has never been possible before in the Web3 space. It transforms privacy from an all or nothing choice into a customizable tool for the digital age.
The evolution of DeFi depends on the ability to protect user data without sacrificing the permissionless nature of the blockchain. By transforming standard tokens into Confidential Tokens and providing builders with the tools to implement modular privacy, the gap between the transparency of Web3 and the security requirements of modern finance is finally being bridged. Whether you are a protocol builder looking to protect your users or an individual who wants to stake and lend without being monitored, confidential computing is the essential upgrade that makes decentralized finance safer and ready for the next wave of global users.
If you are ready to start building the future of private finance, we invite you to dive into the technical details and see how easily these tools can be integrated into your project. Explore our documentation to learn more about the ERC 7984 standard and Nox, or reach out to the team directly to discuss how we can help you bring confidentiality to your protocol.

Read the documentation and connect with us today to lead the shift toward a more secure Web3:

https://docs.iex.ec/
https://www.iex.ec/contact

$RLC

How Confidential Tokens turn privacy from a blocker into a usable on-chain primitive
Most people understand the problem with public blockchains. Everything is visible by default: balances, transfers, allocations, and positions. What is less understood is what that means in practice. It does not just create discomfort. It blocks entire categories of on-chain activity for institutions, treasuries, funds, and tokenized assets.
That is where the Confidential Token comes in. It is not just a privacy feature layered on top of an ERC-20. It is a new way to use tokens on-chain: one where balances and transfer amounts can remain confidential, while authorized parties still get access when needed through selective disclosure.

The product wraps any ERC-20 into a confidential, auditable asset, implements ERC-7984, and runs on Intel TDX. In simple terms, it makes confidentiality usable for real financial workflows.
So what can you actually do with it?

Confidential fund shares
One of the clearest use cases is tokenized funds. Today, a fund can issue shares on-chain, but if investor balances, subscriptions, and redemptions are publicly visible, the product is misaligned with how institutional finance works. Most professional fund structures require investor confidentiality by default, even when they remain auditable to the right oversight parties
With the Confidential Token, a fund can wrap its ERC-20 shares into a confidential version and keep investor allocations hidden on-chain. Auditors, administrators, and regulators can still receive access when needed through selective disclosure. That means the token can remain auditable without becoming publicly exposed
This is a key unlock for RWAs. It allows tokenized funds to keep the benefits of blockchain rails while operating with a privacy model closer to traditional finance.

Private treasury settlement
Another major use case is treasury operations. Corporate treasuries, crypto-native companies, and protocol foundations often need to move capital, settle payroll, or make large operational payments. On a public blockchain, those transaction amounts become visible forever.
That is not just uncomfortable. It can expose internal financial operations, reveal payment structures, and create unnecessary information leakage. With the Confidential Token, treasury assets can move on-chain without broadcasting every amount to the market. The result is a better operating model for teams that want blockchain efficiency without full public exposure.

Professional DeFi allocation
The Confidential Token is also built for professional capital allocators. Hedge funds, DAO treasuries, and institutional desks all face the same problem in transparent DeFi: every move becomes a signal. Allocation changes can be tracked. Position sizes can be copied. Strategy can be front-run.
With Confidential Tokens, an allocator can deploy capital into on-chain strategies without revealing balances and transfer amounts to everyone. That changes the execution environment. Instead of exposing intent to the whole market, the allocator gets a more controlled way to participate on-chain while preserving auditability for the parties that need it.
This is especially important in yield strategies, treasury deployment, and multi-protocol capital rotation, where information leakage can directly reduce performance.

Confidential collateral
Lending is another strong use case. In public DeFi, collateral positions are visible by default. That means competitors, bots, and other market participants can monitor exposure, track liquidation thresholds, and react accordingly. For institutional desks, this creates a structural disadvantage.
The Confidential Token improves that model by allowing collateral to be represented in a confidential form. A desk can post collateral on-chain without making every ratio and position visible to the market. This helps protect strategy, reduce adversarial visibility, and make lending workflows more compatible with professional risk management.
Selective disclosure for compliance
Across all of these use cases, the most important capability is selective disclosure. Institutions do not need opacity. They need control. Sensitive data should remain private from the market while staying accessible to regulators, auditors, administrators, and approved counterparties when required.
That is what makes the Confidential Token usable in real-world settings. It is not hide everything. It is “keep data confidential by default, disclose it when necessary, and only to the right parties.

For institutions and RWA issuers, that is the difference between a privacy tool and an institution-ready financial primitive.
The Confidential Token changes what on-chain finance can support. 
It removes one of the main frictions that has kept institutional capital and many tokenized assets on the sidelines: the fact that public blockchain infrastructure exposes too much by default
This is why the product is more than a technical upgrade. It is a growth enabler. For funds, it supports confidential investor positions. For treasuries, it protects operational flows. For DeFi allocators, it protects execution. For RWA issuers, it creates a better model for compliant tokenization

And this is only the starting point. The Confidential Token is the first product launched on Nox, the confidential smart contract protocol built by iExec to bring confidential financial logic on-chain. It is the first product expression of a broader confidential DeFi stack
If on-chain finance wants to serve larger markets, it needs more than transparency. It needs confidentiality, auditability, and control. The Confidential Token is built to make those use cases possible.
Dive into the technical specifications of ERC-7984 and the iExec Confidential Token and Reach out to our experts to discuss how iExec can support your institutional privacy needs.  
➡️Learn more about the iExec Confidential token: https://docs.iex.ec/nox-protocol/getting-started/welcome 
➡️Contact us:  https://www.iex.ec/contact-us 
$RLC
{spot}(RLCUSDT)

How Confidential Tokens turn privacy from a blocker into a usable on-chain primitive
Most people understand the problem with public blockchains. Everything is visible by default: balances, transfers, allocations, and positions. What is less understood is what that means in practice. It does not just create discomfort. It blocks entire categories of on-chain activity for institutions, treasuries, funds, and tokenized assets.
That is where the Confidential Token comes in. It is not just a privacy feature layered on top of an ERC-20. It is a new way to use tokens on-chain: one where balances and transfer amounts can remain confidential, while authorized parties still get access when needed through selective disclosure.

The product wraps any ERC-20 into a confidential, auditable asset, implements ERC-7984, and runs on Intel TDX. In simple terms, it makes confidentiality usable for real financial workflows.
So what can you actually do with it?

Confidential fund shares
One of the clearest use cases is tokenized funds. Today, a fund can issue shares on-chain, but if investor balances, subscriptions, and redemptions are publicly visible, the product is misaligned with how institutional finance works. Most professional fund structures require investor confidentiality by default, even when they remain auditable to the right oversight parties
With the Confidential Token, a fund can wrap its ERC-20 shares into a confidential version and keep investor allocations hidden on-chain. Auditors, administrators, and regulators can still receive access when needed through selective disclosure. That means the token can remain auditable without becoming publicly exposed
This is a key unlock for RWAs. It allows tokenized funds to keep the benefits of blockchain rails while operating with a privacy model closer to traditional finance.

Private treasury settlement
Another major use case is treasury operations. Corporate treasuries, crypto-native companies, and protocol foundations often need to move capital, settle payroll, or make large operational payments. On a public blockchain, those transaction amounts become visible forever.
That is not just uncomfortable. It can expose internal financial operations, reveal payment structures, and create unnecessary information leakage. With the Confidential Token, treasury assets can move on-chain without broadcasting every amount to the market. The result is a better operating model for teams that want blockchain efficiency without full public exposure.

Professional DeFi allocation
The Confidential Token is also built for professional capital allocators. Hedge funds, DAO treasuries, and institutional desks all face the same problem in transparent DeFi: every move becomes a signal. Allocation changes can be tracked. Position sizes can be copied. Strategy can be front-run.
With Confidential Tokens, an allocator can deploy capital into on-chain strategies without revealing balances and transfer amounts to everyone. That changes the execution environment. Instead of exposing intent to the whole market, the allocator gets a more controlled way to participate on-chain while preserving auditability for the parties that need it.
This is especially important in yield strategies, treasury deployment, and multi-protocol capital rotation, where information leakage can directly reduce performance.

Confidential collateral
Lending is another strong use case. In public DeFi, collateral positions are visible by default. That means competitors, bots, and other market participants can monitor exposure, track liquidation thresholds, and react accordingly. For institutional desks, this creates a structural disadvantage.
The Confidential Token improves that model by allowing collateral to be represented in a confidential form. A desk can post collateral on-chain without making every ratio and position visible to the market. This helps protect strategy, reduce adversarial visibility, and make lending workflows more compatible with professional risk management.
Selective disclosure for compliance
Across all of these use cases, the most important capability is selective disclosure. Institutions do not need opacity. They need control. Sensitive data should remain private from the market while staying accessible to regulators, auditors, administrators, and approved counterparties when required.
That is what makes the Confidential Token usable in real-world settings. It is not hide everything. It is “keep data confidential by default, disclose it when necessary, and only to the right parties.

For institutions and RWA issuers, that is the difference between a privacy tool and an institution-ready financial primitive.
The Confidential Token changes what on-chain finance can support. 
It removes one of the main frictions that has kept institutional capital and many tokenized assets on the sidelines: the fact that public blockchain infrastructure exposes too much by default
This is why the product is more than a technical upgrade. It is a growth enabler. For funds, it supports confidential investor positions. For treasuries, it protects operational flows. For DeFi allocators, it protects execution. For RWA issuers, it creates a better model for compliant tokenization

And this is only the starting point. The Confidential Token is the first product launched on Nox, the confidential smart contract protocol built by iExec to bring confidential financial logic on-chain. It is the first product expression of a broader confidential DeFi stack
If on-chain finance wants to serve larger markets, it needs more than transparency. It needs confidentiality, auditability, and control. The Confidential Token is built to make those use cases possible.
Dive into the technical specifications of ERC-7984 and the iExec Confidential Token and Reach out to our experts to discuss how iExec can support your institutional privacy needs.  
➡️Learn more about the iExec Confidential token: https://docs.iex.ec/nox-protocol/getting-started/welcome 
➡️Contact us:  https://www.iex.ec/contact-us 
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