Phantom released Phantom Cash (CASH), a dollar-token and payment tool built directly into its wallet. The company positions the product for daily spending, issuing the token through Stripe’s Open Issuance platform with an initial rollout to a small user group. Around 15 million wallet holders and merchants that accept dollar tokens may use it as access broadens.
Phantom mints CASH on Solana, and each token holds one U.S. dollar or cash equivalent in reserve, with third-party audits checking balances at set intervals. A stablecoin is a blockchain asset that tracks a fiat currency to limit price swings, anchoring the token’s value to dollars.
The features of the new Phantom token
Issuance runs through Stripe’s Open Issuance platform alongside Bridge, with Solana providing fast settlement. The setup “democratizes the creation of stablecoins” and bridges legacy finance and crypto, reflecting a design aimed at scale and accessibility.
Phantom plans to link CASH to Apple Pay, Google Pay, and Visa, enabling users to convert crypto balances to CASH inside the wallet and spend at regular stores. Donnie Dinch, Phantom’s vice president of strategy, the team built CASH for real wallet use.
The launch opens first to a small group of users, with broader availability intended for the installed base of about 15 million wallet holders and applicable merchants. Phantom employs 105 people, which its views as a sign of mid-term dedication to the effort.
The addressable market near three hundred billion dollars, a field where CASH will compete with USDC and USDT. The co-founder of Helius told that “stablecoin wars on Solana are about to intensify.”
Adoption may accelerate as CASH adds a built-in on-ramp and off-ramp, and, once Apple Pay, Google Pay, and Visa links go live, a path to paying at stores. This integration seeks to make the wallet a daily spending tool.
Liquidity and competition on Solana could expand as a new dollar token adds supply and pressures existing issuers. Industry commentary point to intensifying rivalry among stablecoins on the network.
Risk and governance hinge on reserve quality, audit rigor, and anti-fraud controls, with instant, irreversible transfers raising operational risk that the setup must address.
CASH is open to a small group now, and plans for a wider release “next month,” pending partner deals and legal clearance. Its future rests on code delivery, reserve transparency, and completing the promised payment links, which will determine practical utility and broader adoption.
