Phantom Launches U.S. Dollar-Backed Stablecoin CASH on Solana
Phantom has introduced a new stablecoin called CASH, initially available on the Solana blockchain. This stablecoin is pegged to the U.S.dollar, ensuring its value remains stable.
CASH is built using Stripe’s Bridge Open Issuance platform. It aims to make crypto payments more accessible through the Phantom Cash app. The app will enable over 15 million Phantom wallet users to use their crypto for everyday purchases. They can spend it wherever Apple Pay, Google Pay, or Visa is accepted.
With CASH, users can convert their crypto holdings into a stable, dollar-backed token.It’s designed for both crypto and real-world transactions.The stablecoin will be the backbone of Phantom Cash, a financial app that bridges the gap between digital assets and real-world spending.
Phantom Cash will offer features like virtual and debit cards, instant bank funding, and peer-to-peer payments. This makes it easier for users to spend their crypto holdings without extra steps.
Stripe’s involvement is notable. Their Open issuance platform allows businesses to create their own stablecoins. Phantom is among the first to use this technology for CASH. Other platforms like Hyperliquid and MetaMask are also exploring this option.
as the crypto market grows, stablecoins like CASH are becoming more popular.They offer a stable value tied to the U.S. dollar, making them ideal for everyday transactions. Phantom’s move shows how conventional finance and crypto are merging.
