Phantom launches new stablecoin CASH on Solana

Phantom has unveiled a new U.S. dollar-pegged stablecoin dubbed CASH, with an initial launch on Solana.

CASH is a stablecoin backed 1:1 by the U.S. dollar and built for both crypto and real-world utility, the Phantom team said .

The stablecoin will power Phantom Cash, a new financial app designed to bring crypto payments and use to everyday life, with users able to leverage their crypto balance to pay for everyday items on any platform that accepts Apple Pay, Google Pay, or Visa.

Phantom: more than a wallet

Phantom Cash will allow users to integrate new crypto payments features on Solana ( SOL ).

CASH will be the default stablecoin for more than 15 million Phantom users, who will access features such as virtual and debit cards, instant bank funding, and peer-to-peer payments.

“Your crypto should do more than sit in a wallet. Phantom Cash turns your crypto into everyday spending power without the extra steps or friction,” the wallet provider wrote.

Ostensibly, CASH brings new money functionality to Phantom, with users able to tap into the U.S. dollar-backed token in addition to features such as trading, holding, swapping, and token transfers.

Users will be able to enable deposits to their virtual accounts, with Stripe powering this through one-time verification functionality.

Stripe and the burgeoning crypto space

Phantom’s launch of CASH and its Phantom Cash platform comes as the crypto market experiences notable traction in stablecoin adoption. Tether and Circle are the industry giants in this space. However, major banks and other financial institutions are taking significant steps toward tapping into the momentum.

The latest bet on this growth is by Stripe, the financial services platform, which just unveiled a new platform through which any business can issue its own stablecoin. Stripe’s Bridge unit announced the launch of “Open Issuance,” which will allow fintechs, traditional banks, and other institutions to easily create and expand access to branded stablecoins.

Phantom is among the first platforms to use Open Issuance to launch CASH. Other platforms looking to leverage the new feature include Hyperliquid, MetaMask, Dakota, and Takenos.