Phantom, the popular Solana-based crypto wallet with 15 million monthly active users, has unveiled Phantom Cash, a consumer payments network powered by its own U.S. dollar-pegged stablecoin called CASH.
The token was built in collaboration with Bridge, using its new Open Issuance framework, and with infrastructure support from Stripe.
According to Phantom, the move stems from the lack of stablecoins designed for everyday financial use.
Donnie Dinch, Phantom’s VP of Strategy, said during a livestream,
“We designed the stable we were looking for, and it's open for any builder to use.”
He explained that existing stablecoins failed to align with Phantom’s broader ambitions, leading the company to launch its own solution.
Phantom Cash extends the company’s role beyond crypto storage into consumer finance.
The platform introduces instant bank funding, free peer-to-peer transfers, integration with Visa for payments via Apple Pay and Google Pay, and rewards on idle balances.
Source: Phantom
Early users will also have access to a debit card, positioning the app as a full-scale money management tool.
At launch, CASH will only operate on Solana, though Phantom has confirmed expansion to other blockchains is planned.
Businesses adopting the token will retain 100% of net revenues, a detail the company highlights as a differentiator from existing stablecoin models.
The backbone of CASH lies in Bridge’s Open Issuance, a new stablecoin-as-a-service system that Stripe unveiled at its annual product event in New York.
The service allows any company to issue a stablecoin with minimal development work, outsourcing reserve management to firms like BlackRock, Fidelity, and Superstate, while liquidity is handled by Lead Bank.
For Stripe, Phantom represents a showcase customer, bringing its infrastructure into immediate use.
The collaboration also signals Stripe’s intent to integrate stablecoins into mainstream commerce, with hints at upcoming connections to its vast merchant network.
The launch comes at a time when the stablecoin market is approaching record levels, with DefiLlama reporting a combined market capitalisation of $297.79 billion.
Industry voices are already framing this moment as a “stablecoin supercycle,” where demand, adoption, and product variety are peaking.
Helius co-founder Mert weighed in on the Solana angle, writing,
“The stablecoin wars on Solana are about to heat up. The days of issuers taking all yield for themselves or doing backrun deals that cut users out are gonna end fast.”
His comments reflect the growing belief that competition among issuers will ultimately benefit users.
Coinlive sees Phantom’s move as both daring and risky.
The wallet provider has taken the leap from being a trusted gateway for digital assets to building its own financial ecosystem, powered by a self-issued stablecoin.
While CASH may stand out by offering builders revenue control and users deeper integration with payments, the question is whether Phantom can win in an increasingly crowded market dominated by entrenched players and fast-moving rivals.
If the so-called stablecoin wars accelerate, Phantom’s ability to hold ground may depend less on its technology and more on how effectively it can capture trust and real-world usage beyond the Solana community.
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Cointelegraph