Phantom has unveiled a new US dollar-backed stablecoin, known as CASH, developed in collaboration with Bridge and Stripe.
The project blends an open issuance model with features aimed at developers and end users, positioning CASH as part of a general endeavour to expand stablecoin utility in both the consumer and developer ecosystems.
The stablecoin is issued through Open Issuance, a recently launched platform by Bridge and Stripe that allows developers to create and distribute their own stablecoins. CASH is fully backed 1:1 by US dollars and described by Phantom officials as a neutral, revenue-sharing model designed to create new incentives for ecosystem participants.
Expanding utility across the Solana ecosystem
According to representatives from Bridge, the infrastructure behind CASH enables developers and platforms to integrate the stablecoin directly into their products via Bridge’s APIs. Those issuing CASH will retain any rewards generated on their supply after standard issuance fees, a model intended to differentiate it from other leading stablecoins.
Bridge will oversee issuance and reserves, while Phantom will manage adoption and use cases. Stripe is expected to integrate CASH as a payment method within its Stripe Checkout product. The stablecoin will also be launched with liquidity across the Solana decentralised finance (DeFi) network, supported by several established market makers.
Additionally, Phantom is launching Phantom Cash, a set of new wallet features built around the stablecoin. Through this system, the company’s reported 15 million users can hold USD-denominated balances, make payments, and earn yields within the Phantom wallet. The update will also introduce virtual accounts for deposits, instant bank funding, peer-to-peer payments using usernames, and debit cards linked to wallet balances, initially available virtually, with physical cards planned later.
CASH serves as the foundational infrastructure, while Phantom Cash applies it to consumer payments. Together, they represent a coordinated effort to make digital dollars more accessible and functional for daily transactions.
