T-REX Network & Zama add privacy to tokenised assets

T-REX Network has partnered with Zama to add encrypted trading and settlement to the T-REX Ledger for tokenised real-world assets. The deal brings confidentiality tools to a platform linked to the ERC-3643 standard, used for about USD $32 billion in tokenised assets.

The agreement targets a long-running problem for financial institutions using blockchain networks: public ledgers expose transaction data, balances and positions to other users. The integration is designed to let institutions use public blockchain infrastructure while keeping sensitive information private.

T-REX Network operates a multi-chain orchestration layer for digital securities and is backed by Apex Group, a fund administrator and financial services provider with about USD $3.5 trillion in assets under administration. Apex has also committed to adopting the T-REX Ledger as its default infrastructure, targeting USD $100 billion in tokenised assets.

Privacy layer

Under the partnership, Zama will serve as the confidentiality layer for the T-REX Ledger. Its technology is based on Fully Homomorphic Encryption, or FHE, which allows computations to be performed on encrypted data without first decrypting it.

That will be combined with T-REX's use of the ERC-3643 token standard, designed for compliant digital securities. The aim is to support issuance, management, trading and settlement on public blockchains without disclosing confidential portfolio, investor or transaction data.

The work grew out of a working group within the ERC3643 Association and is intended to address the tension between the transparency of public blockchains and the confidentiality requirements of regulated financial markets.

For years, many institutions have turned to private blockchain systems to avoid exposing trading activity and investor records on public networks. But that approach has often limited interoperability and created isolated systems that do not connect easily with wider blockchain markets.

T-REX describes its ledger as a neutral Layer 2 blockchain designed to act as a single source of truth across multiple chains. It is built to support assets issued under the ERC-3643 standard and to connect those assets with major public blockchains through a shared compliance framework.

Institutional use

The partnership reflects a broader push across tokenised finance to make public blockchain infrastructure more acceptable to regulated firms. Banks, fund managers and other institutions have shown interest in tokenising bonds, funds and other real-world assets, but concerns over privacy, market integrity and compliance have slowed wider deployment.

By placing encryption at the token and settlement layer, the companies aim to remove the need to choose between public infrastructure and confidential market activity. They argue this could help institutions move away from closed systems and towards shared public networks.

Joachim Lebrun, Co-Founder of T-REX Network and lead author of the ERC-3643 standard, said adding a confidentiality layer was central to the ledger's next stage.

"The T-REX Ledger was built to be the trusted multi-chain orchestration layer for institutional RWAs, but trust also means privacy," said Joachim Lebrun, Co-Founder of T-REX Network and Lead Author of the ERC-3643 standard. "Integrating Zama's FHE Protocol directly into the T-REX Ledger means institutions can finally operate fully on-chain without exposing their confidential data to the world. That is the missing piece for unlocking real institutional scale."

Zama develops cryptographic tools for blockchain systems and was founded by Dr Pascal Paillier and Dr Rand Hindi. The company has focused on applying FHE to public blockchain use cases where participants need to process data while keeping it hidden from other parties on the network.

Hindi said the partnership was meant to establish confidentiality as a core requirement for institutional blockchain markets rather than an added feature.

"Our goal is to make Zama the confidentiality layer for public blockchains, enabling institutions and investors to operate on-chain with the same level of privacy they expect off-chain," said Dr Rand Hindi, Co-Founder and CEO of Zama. "This collaboration with T-REX Network demonstrates that confidentiality is not an optional feature for institutional blockchain adoption - it is foundational infrastructure. Together, we are enabling digital asset markets to scale securely, efficiently, and with trust."