# Onchain Privacy for Institutions | Tomer Weller (Stellar Development Foundation) at ETHConf

- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2026-07-09
- Duration: 13:17
- Topics: Stellar, Tomer Weller, Stellar Development Foundation, ETHCom, onchain privacy, institutional privacy, confidential tokens, privacy pools, Protocol X-ray, zero knowledge proofs, ZK, FHE, MPC, TEE, transparency, building blocks, compliance, selective disclosure, view keys, association sets, allow lists, rage quit, clawbacks, regulated assets, Confidential Token Association, OpenZeppelin, Nethermind, 0xbow, Zcash, payroll, payments, RWA, tokenization, permissioned chains, cypherpunk
- Watch: https://streameth.org/watch/yt-tPYLmZh9KF0
- YouTube: https://www.youtube.com/watch?v=tPYLmZh9KF0

## Description

In this talk, Tomer Weller, Chief Product Officer at the Stellar Development Foundation, presents what nearly a decade in crypto and recent years of institutional conversations have taught him about onchain privacy. He frames the core problem: blockchain is the only financial system where every transaction is fully visible, meaning that the moment paychecks, balances, payroll, trading strategies, or B2B relationships move onchain, they become readable by anyone with a block explorer. For individuals this exposes their entire financial history. For institutions it's worse because competitors can see volumes, relationships, and strategies. Financial institutions have made it clear that not being able to manage visibility is a non-starter.

Tomer argues that while crypto has worked on privacy for a decade, it has been driven by cypherpunk ideology of complete financial freedom (which he loves, citing Zcash), when what institutions actually need is privacy as a managed spectrum that allows them to stay competitive and compliant. Privacy varies by jurisdiction (a US regulated asset differs from one in Singapore or Brazil), by use case (payroll has different requirements than trading or remittances), and by technology (ZK, FHE, MPC, TEE all have different tradeoffs). He identifies two privacy dead ends: the all or nothing approach where solutions only offer full transparency or full privacy, and permissioned chains that are private only because they're databases on someone's computer, missing the open participation networks institutions actually want. Tomer presents Stellar's three layer privacy stack: a transparent base layer (transparency is a feature institutions love), low level privacy building blocks like Protocol X-ray providing ZK primitives without enshrining any specific privacy type, and multiple privacy protocols on top. He covers two private payment families: confidential tokens (hide the amount but not the parties, easier to scale compliance) and privacy pools (hide both amount and parties, stronger guarantees but mix funds), with examples like 0xbow and Nethermind's Stellar Private Payments. He closes by walking through a compliance menu including selective disclosure, non-selective disclosure with view keys, association sets, force transparent withdrawals (Oxbow's "rage quit"), and clawbacks for regulated assets.

00:00 Introduction
00:11 Why Visibility on Chain Is the Default
00:57 What's at Stake for Individuals and Institutions
01:25 Why Institutions Say Visibility Management Is Non Negotiable
01:53 The Cypherpunk Privacy Heritage
02:18 Why Institutional Privacy Means Something Different
02:43 Privacy as a Multi-Dimensional Spectrum
03:19 The Two Privacy Dead Ends
03:54 Dead End One: All or Nothing
04:20 Dead End Two: Permissioned Chains
05:08 Stellar's Three Layer Privacy Stack
05:36 Transparency as a Feature
06:05 Building Blocks Not Enshrined Privacy
06:32 Protocol X-ray and ZK Primitives
06:59 Why Payments Are the Foundational Use Case
07:26 Confidential Tokens: Hiding the Amount
07:45 The Confidential Token Association
08:09 Privacy Pools: Hiding the Who Too
08:42 Tradeoffs and Co-Mingling Concerns
09:10 Building the Compliance Menu
09:52 Selective Disclosure
10:20 Non Selective Disclosure With View Keys
10:46 Association Sets and Vetted Allow Lists
11:10 Force Transparent Withdrawals and Rage Quit
11:35 Clawbacks for Regulated Assets
12:00 Closing: All the Building Blocks Are in Place

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