On September 30, 2025, the crypto wallet Phantom expanded into the world of everyday finance with the launch of its own dollar-pegged stablecoin, CASH, and a new payments platform called Phantom Cash. This move, developed with partners Stripe and Bridge, aims to bridge the gap between digital assets and real-world spending for its community of over 15 million users.
Launch Details and Technical Foundations
The CASH stablecoin is designed to be a neutral, open-loop asset, meaning it is not restricted to Phantom’s own ecosystem and is fully backed 1:1 by the U.S. dollar. It was built using Stripe’s newly unveiled “Open Issuance” platform, powered by the infrastructure company Bridge, which Stripe acquired.
A key advantage of this model is that it allows businesses to launch their own branded stablecoins without relying on a small group of incumbent issuers, letting them control the product experience and participate in the economics. For Phantom, this meant creating a stablecoin tailored for everyday use.
CASH first launched on the Solana blockchain, chosen for its fast and low-cost transactions. The stablecoin serves as the foundation for the new Phantom Cash platform, which transforms the wallet from a place to store crypto into an app for spending it.
Business Model, Competition, and the Road Ahead
Phantom Cash is designed to offer a seamless “money app” experience, providing users with several key features:
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Everyday Spending: Users can spend their CASH balance anywhere Visa is accepted via a virtual or physical Phantom Debit Card, integrated with Apple Pay and Google Pay.
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Instant Access to Funds: The platform allows for instant funding from a bank account or card, and users can quickly convert other cryptocurrencies into CASH without fees to ready them for spending.
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Peer-to-Peer Payments: Users can send money to anyone with a Phantom username instantly, with text-based payments coming soon.
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Future Rewards: Phantom has announced plans to allow users to passively earn rewards on unspent CASH balances later in the year.
While on-chain features like transfers do not require KYC, certain off-ramp services such as the debit card and virtual accounts for direct deposits will involve identity verification, which is handled by Stripe.
