The popular Web3 wallet Phantom has announced the launch of the stablecoin CASH, pegged to the US dollar. This development will underpin a new financial platform called Phantom Cash.
💰 Introducing CASH
Designed by Phantom using Open Issuance by @stablecoin & @stripe, and launching first on Solana.
CASH is a neutral, open-loop stablecoin backed 1:1 by USD — built for both crypto and real-world utility. pic.twitter.com/W1TkN9Di4R
— CASH (@useCash) September 30, 2025
“Stablecoins are the atomic unit of consumer finance. However, there was no solution on the market suitable for Phantom. So we created the asset we were looking for, and it is open for use by any developers,” noted Donnie Dinch, Vice President of Strategy at the wallet.
CASH was created using the Open Issuance platform from payment giant Stripe. Launched on September 30, the platform utilizes stablecoin infrastructure from the Bridge project.
According to the project’s website, a key advantage of the asset for developers and partners is the ability to receive 100% of the net revenue from its use. Initially, it will operate on Solana. Phantom plans to add support for other blockchains in the future.
“CASH is a fully backed stablecoin from Bridge and Phantom, created as an open ecosystem for cryptocurrency and traditional payments,” the developers added.
The New Platform
The first application of CASH will be its integration into Phantom Cash, a new financial network that will expand the wallet’s functionality.
Meet Phantom Cash 👻✨
The power of crypto 🤝 the ease of cash. pic.twitter.com/F7yL7sNxKd
— Phantom (@phantom) September 30, 2025
The platform will offer users the following features:
- instant top-ups from bank accounts;
- P2P payments between users;
- issuance of Visa debit cards;
- earning rewards for holding stablecoins.
“We wanted to create the best consumer financial platform for people. We needed to offer a more diverse set of features in the product,” explained Dinch.
Phantom Cash is available in limited early access. A full launch is expected in October.
Back in September 15, the release of a stablecoin from another popular Web3 wallet, MetaMask, took place. A week after trading began, the issuance volume of the mUSD stablecoin exceeded $65 million.
Experts from the rating agency Moody’s warned about the risks of a fiat-pegged coin boom. Analysts at JPMorgan stated that the anticipated wave of such asset launches in the US could turn into a “zero-sum game.”