Popular Solana wallet provider Phantom has introduced CASH, a dollar-pegged stablecoin that anchors a new financial services platform bearing the same name.
Phantom developed the token alongside Stripe and Bridge, utilizing the latter's Open Issuance infrastructure that allows companies to create bespoke stablecoins. Donnie Dinch, serving as VP of Strategy, explained that the team designed the digital asset they wanted to use themselves.
Revenue generated through CASH flows entirely to participating businesses and builders, distinguishing it from competing stablecoin models. The token launches exclusively on Solana with multichain expansion planned for subsequent phases.
Phantom Cash introduces capabilities beyond standard wallet functionality, including peer-to-peer transfers and immediate bank funding options. Users will access a Visa-branded debit card while earning yields on idle CASH balances.
The platform entered limited early access with broader availability expected next month. Eligible users can join a waitlist to secure access once the full rollout begins.
Dinch stated during a livestream that building a superior consumer financial product required expanding beyond basic wallet services. The enhanced feature set aims to position Phantom Cash as a comprehensive payment solution.
Phantom counted 15 million monthly active users at the start of 2025 across its multi-chain wallet supporting Solana, Bitcoin, Ethereum and additional networks. The company closed a $150 million Series C round in January at a $3 billion valuation.
Bridge's Open Issuance platform powers the technical architecture behind CASH. The infrastructure enables businesses to maintain full control over stablecoin design while accessing institutional‑grade custody and compliance frameworks.