Privacy stablecoins
made easy.
Zephyr Stable Dollar (ZSD) is the first decentralized stablecoin built with Monero and DJED technology — Zephyr Protocol is a unique four-asset ecosystem that gives you a USD-pegged dollar, real yield, and untraceable transactions out of one fully encrypted wallet.
A privacy-first monetary system — not just another stablecoin.
Most stablecoins live on transparent ledgers where every transaction is searchable forever. Zephyr is different. Built as a fork of Monero, it inherits ring signatures, stealth addresses, and RingCT — so balances are private, addresses are unlinkable, and amounts are confidential by default. Then it adds something Monero never had: a stable dollar and real yield.
Privacy by default
Every transaction hides sender, receiver, and amount via Monero's RingCT + stealth addresses. No KYC. No surveillance. No "view-only" disclosure unless you choose to share your view key.
Battle-tested base
Zephyr forks the Monero codebase — over a decade of cryptographic research. The privacy isn't bolted on; it's how the chain was built.
Real, on-chain yield
Mining emissions are partially redirected to ZYS holders — the protocol pays you to participate. No black-box DeFi protocols, no rehypothecated collateral.
Bridge to Ethereum.
The Zephyr Bridge brings ZSD and ZYS to Ethereum as ERC-20 tokens. Buy wZYS directly on Uniswap and earn Zephyr's real, on-chain APY without ever leaving your existing wallet. Testnet is live now — mainnet drops next. Sherlock-audited.
wZYS on Uniswap. Yield on Ethereum.
Bridge locks ZYS on Zephyr and mints an ERC-20 wZYS on Ethereum. The yield keeps accruing whether it lives on Zephyr or Ethereum — same APY, no additional smart-contract risk beyond the bridge itself, which was reviewed by Sherlock DeFi. From Ethereum, wZYS can move onward to L2s via their own canonical bridges.
Four coins. One protocol.
Most chains have one native coin. Zephyr's design balances four — each with a specific job — so the system can offer a stable dollar AND a yield asset AND a store of value AND leverage, all interlocking through Proof-of-Work.
The native coin. Mined via proof-of-work just like Monero. Acts as the system's collateral — ZSD and ZRS are minted by depositing ZEPH into the reserve. Fully private by default.
The first private stablecoin built with Monero tech. Minted by swapping ZEPH for ZSD at the live oracle price. Pegged to USD, but transactions are invisible — balances and amounts are hidden by Monero-derived cryptography. Spend it like cash.
The reserve coin. Holders absorb volatility on the upside and downside — when ZEPH price moves, ZRS rate moves with it. Backs the ZSD peg. Mintable up to the 800% collateralization cap.
Stake ZSD into the yield pool, receive ZYS. 5% of every block's mining emission gets converted to ZSD and added to the pool — that's your real, on-chain APY. No external counterparty, no smart-contract risk.
Follow a block reward through the protocol.
Swap at protocol rates: ZEPH mints ZSD at the live oracle price. ZEPH mints ZRS reserve shares. ZSD stakes into the ZYS yield pool.
Every block splits its emission three ways: 65% to miners, 30% to the reserve, 5% converted to ZSD and added to the ZYS pool — the pool only grows, so each share appreciates.
Earn while you hold a private stable dollar.
Stake ZSD into the ZYS pool and start receiving a share of every block's mining emission. The yield comes from the protocol itself — not lending, not rehypothecation, not someone else's deposit. Withdraw anytime. Your balance, your privacy.
0.8842 = exact 12-mo emission-decay factor from Zephyr's Cryptonote curve (220 × (1 − rN) / N)
What makes ZSD & ZYS structurally different.
A privacy stablecoin that has held its peg since launch. A yield share designed so its share price doesn't decline. A base coin held tightly enough that adoption mechanically reshapes the chain. The mechanics are on-chain; the rest depends on adoption.
ZSD has held its peg.
Held $1 through a 98% drawdown in ZEPH, the collateral that backs ZSD. The Djed mechanism + capped collateral + ZRS incentives are designed to prevent a death spiral.
68% APY in year one.
First 12-month return on ZYS — paid in stablecoin, sourced from PoW block emissions, achieved while ZEPH itself fell 90%. The yield source is structural, not market-dependent. Past performance doesn't guarantee future rates.
ZYS share price is non-decreasing by design.
Up 90% since launch in October 2024. By construction, ZYS is a pool of stablecoin earning stablecoin yield — no impermanent loss, no rehypothecation, no mechanism in the protocol for the share price to fall.
Capital tends to find better yield over time.
USDC and similar stables pay 3–4%. ZYS has been paying multiples of that, in the same asset, from a different and more stable source. Once it's accessible from MetaMask, capital will compare.
The Ethereum bridge ties demand directly to ZEPH.
When wrapped ZYS reaches Uniswap, every USDC-to-wZYS purchase forces arbitrage bots to buy ZEPH on a CEX to rebalance the pools. The buying does two things at once: it locks ZEPH out of circulation, and it makes every subsequent block's distribution to ZYS holders worth more — since each payout is sized in live ZEPH terms.
The starting size is small.
USDT sits at $186B. ZSD is under $1M. Single collateral, ~7M ZEPH free float, 32%+ already locked in reserve. Even modest adoption requires meaningful repricing of the underlying.
Self-custody. Fully encrypted.
The official Zephyr Wallet runs locally — your seed never leaves your machine. Holds all four assets (ZEPH, ZSD, ZRS, ZYS) in one interface. Mints, converts, sends, receives, stakes for yield — all with the same one-time stealth-address privacy guarantees inherited from Monero.
End-to-end encrypted
Wallet seed is encrypted with your password before it ever touches disk. No "we'll store it for you" custodian — you hold the keys.
One wallet, four assets
Mint ZSD, convert to ZRS, stake into ZYS, receive yield — all from a single wallet UI. No bridges, no L2s, no moving funds between protocols.
Open-source & auditable
Forked from Monero's well-audited codebase, with the Zephyr-specific reserve and yield mechanics added in the open. Anyone can verify the cryptography.
Built on top of Zephyr.
ZephFlow is a community-built suite of live tools for the Zephyr ecosystem. Browse the chain, model yield scenarios, watch cross-exchange liquidity in real time.
Zephyr Park
A first-person 3D theme park where every ride is one of Zephyr's four assets: the ZEPH coaster, the ZRS extreme loop, the ZSD lazy river that never moves, and the ZYS sky lift that only climbs. Live on-chain data runs the park — real oracle prices, a real reserve ratio locking and unlocking the exits, and snack stands that only take stable dollars.
ZephFlow Fund
Raise funds in private and prove every coin raised. Bring your own public address and view key to start a campaign: donors send ZEPH, ZSD, ZRS or ZYS straight to your address, ring signatures keep them private, and the total is read from the chain with your view key. ZephFlow never holds a coin.
Block Explorer
Live blocks streaming in like a cosmic conveyor. Inspect oracle prices per block, reserve state, transactions.
explorer.zephflow.live →Yield Calculator
Model how minting ZYS reshapes APY, ZRS rate, ZEPH price impact. Live on-chain state, with what-if scenarios.
apy.zephflow.live →Cross-Exchange Liquidity
Real-time depth chart across MEXC, CoinEx, and other ZEPH markets. See where liquidity actually lives.
liquidity.zephflow.live →ZephDash
Live APY dashboard for Zephyr Yield: historical charts, stablecoin-yield competitor comparisons, and a deep dive on the flywheel mechanics.
zephdash.com ↗Stable Mooring
Privacy-to-privacy XMR/ZSD swap. Move Monero gains into Zephyr's private stable dollar. A fully private stable-swap between privacy assets, no KYC.
stablemooring.io ↗