Executive Summary

Utila and Bermuda partnership extends privacy beyond confidential custody into the financial workflows institutions increasingly run onchain. Bermuda adds shielded accounts, private transfers, and confidential interactions with EVM applications, while Utila provides the wallet security, policies, approvals, and operational controls surrounding each transaction. Together, the infrastructure can support private stablecoin payroll, repo activity, tokenized real-world assets, and onchain yield without requiring institutions to move those workflows onto a separate privacy network.

Onchain Finance Is Reaching More Sensitive Workflows

The amount and variety of financial activity taking place on public blockchains has expanded materially in recent years. RWA.xyz now tracks roughly $39 billion of distributed tokenized real-world assets and more than $304 billion in stablecoins. Ethereum alone accounts for approximately $17.6 billion of distributed RWA value, making it the largest network in RWA.xyz’s dataset.

Institutional activity is also moving beyond asset issuance and transfers. Broadridge’s Distributed Ledger Repo platform processed an average of $351 billion in repo transactions per day in August 2026, totaling $7.4 trillion for the month. Meanwhile, deposits of tokenized RWAs into lending platforms and decentralized exchanges reached $7.4 billion in Q2 2026, more than triple the level recorded a year earlier.

That growth brings commercially sensitive activity onto infrastructure where balances, transfers, counterparties, and application interactions can be observed publicly. The issue becomes particularly relevant when blockchain rails carry recurring business operations, financing positions, investment allocations, or transactions whose timing and size reveal information about the institution behind them.

Bermuda was designed around this point. Rather than asking institutions to migrate to a separate privacy chain, it operates as a privacy layer for EVM networks and applications. Shielded accounts keep balances and transaction histories private, while stealth addresses can make DeFi interactions harder to link back to the institution conducting them.

That architecture broadens the set of workflows that Utila and Bermuda can now support together.

Payroll Without Publishing Compensation Data

Stablecoins are increasingly used for global payouts because they allow businesses to move value directly across borders and outside banking hours. Payroll introduces a more sensitive version of that workflow.

When salaries are paid through ordinary public blockchain addresses, transaction amounts and wallet relationships can become visible onchain. Once addresses are associated with an employer or employee, recurring transfers can reveal compensation levels and payment patterns that would normally remain within payroll and finance systems.

Bermuda allows those payments to move through shielded accounts, keeping balances, transfers, and transaction history away from public view. The payroll team can still operate the payment through Utila, where policies determine which users can initiate the payout, which approvals are required, and which wallets may participate.

The result is a stablecoin payroll workflow that retains institutional control around execution while protecting the financial information attached to the payment.

Repo With Confidential Positions and Counterparties

Repo has become one of the clearest examples of distributed ledger infrastructure operating at institutional scale. Broadridge’s August volumes show hundreds of billions of dollars in daily tokenized repo activity, including collateral movements and intraday financing.

These transactions also carry information institutions closely protect. Repo activity can reveal financing requirements, collateral positions, counterparty relationships, transaction sizes, and timing. Moving the settlement leg onto shared blockchain infrastructure makes confidentiality an important part of the operating model.

A Bermuda-enabled workflow can shield the onchain footprint associated with an EVM-based repo transaction, while Utila governs the wallets and approvals used to execute it. Internal teams retain the transaction context required for control and oversight, while public observers do not receive the same view into the institution’s financing activity.

Dr. Jan Fritsche, Bermuda’s founder, sees repo as a particularly relevant institutional application because privacy can be applied to the financing and collateral workflows institutions already want to bring onchain, rather than requiring those workflows to move into an isolated environment.

“What institutions want is privacy for any kind of flow. People want privacy where the most security and liquidity is, and this is on the EVM.”

Dr. Jan Fritsche, Founder, Bermuda

Managing RWAs Without Exposing the Portfolio

Tokenized assets have moved well beyond isolated pilots. RWA.xyz currently tracks more than $39 billion in distributed asset value across categories including government debt, credit, commodities, equities, and other financial assets. Ethereum represents the largest share of that distributed value.

For an asset manager, treasury, or financial institution, holding a tokenized instrument publicly can expose more than ownership. Wallet activity can reveal the size of a position, when an allocation changes, which assets are being accumulated or sold, and how capital moves between products.

Bermuda allows institutions to hold and transfer supported EVM assets through shielded accounts and to interact with applications using unlinkable addresses. Its architecture is designed as a horizontal privacy layer, so privacy can be added around existing EVM assets and applications rather than requiring each issuer to create a separate confidential version of its product.

Combined with Utila, those RWA operations can remain subject to institutional wallet policies and approval requirements. An investment or treasury team can govern who may move an asset, which contracts may be used, and what approvals are required while reducing the public information generated by the resulting onchain activity.

Earning Yield Without Broadcasting the Strategy

Yield introduces a similar issue at the application layer. Allocating stablecoins or tokenized assets into lending markets and vaults can reveal where an institution is deploying liquidity, how much it has allocated, and when it changes strategy.

This is becoming increasingly relevant as tokenized assets move into onchain lending and liquidity markets. CoinShares and Token Terminal reported that RWA deposits into lending platforms and decentralized exchanges rose from $2.3 billion in Q2 2025 to $7.4 billion in Q2 2026.

Bermuda is designed to extend privacy into these DeFi interactions. Its architecture supports shielded interactions with EVM applications and ERC-4626 vaults, and the team has demonstrated a private deposit into a Morpho vault on Base Sepolia where the public transaction exposes the zero-knowledge proof rather than the underlying financial activity.

Within Utila, an institution can apply its existing controls before that allocation is executed. The team can govern access to the wallet and smart contract while Bermuda protects the public footprint generated by the interaction.

For treasury and investment teams, that creates a route to onchain yield that does not automatically turn each allocation decision into public market information.

How Utila and Bermuda Bring Privacy Into Existing EVM Operations

The common requirement across payroll, repo, RWAs, and yield is the ability to introduce confidentiality without rebuilding the institution’s digital asset operating model around a separate network.

Bermuda sits between the wallet and the EVM application. It provides shielded accounts, stealth addresses, zero-knowledge proofs, and programmable compliance across Ethereum, Base, Arbitrum, Optimism, and other EVM-compatible networks. Existing applications do not need to migrate to a dedicated privacy chain for Bermuda to add that layer.

Utila provides the institutional operating environment around those transactions. Teams retain the wallet architecture, approval flows, transaction policies, roles, and governance they use across their broader digital asset activity. Bermuda then protects the onchain footprint of supported EVM transactions after those controls have been applied. Our earlier work with Bermuda demonstrated the same division of responsibilities for confidential institutional custody and settlement.

This distinction matters because privacy becomes another capability available within an existing EVM operation, rather than a separate operating environment with its own wallets, processes, and liquidity.

Bring Privacy Into Institutional Onchain Workflows

Payroll, repo, tokenized assets, and yield illustrate the same broader shift: institutions are using public blockchain infrastructure for financial activity that carries sensitive business information.

With Bermuda, we can add privacy around supported EVM transactions while keeping wallet security, approvals, and policy enforcement within Utila. Institutions can protect the public footprint of their activity while continuing to use the networks, assets, and applications relevant to their business.

Speak with our team to explore how Utila and Bermuda can support confidential payments, financing, tokenized asset operations, and onchain yield.

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