Privacy computing project Zama, in collaboration with Apex Group-backed T-REX Network, has introduced a new "confidentiality layer" for tokenized real-world assets (RWAs). This layer utilizes fully homomorphic encryption (FHE), enabling smart contracts to perform computations without decrypting data. This advancement allows institutions to issue, trade, and settle tokenized assets on public blockchains while concealing sensitive information such as investor identities, holdings, and transaction flows.