Crypto Wallet Phantom Unveils Stablecoin and Payments Service

Popular Solana crypto wallet Phantom unveiled CASH, a new U.S. dollar-pegged stablecoin built in collaboration with Stripe and Bridge that will underpin its new financial platform called Phantom Cash. 

Designed by the wallet provider, CASH was created using stablecoin infrastructure provider Bridge’s new Open Issuance platform that allows any business to create its own stablecoin. 

“Stablecoins are the atomic unit of consumer finance. But nothing out there made sense for Phantom,” Phantom VP of Strategy Donnie Dinch posted on X.  “So we designed the stable we were looking for, and it’s open for any builder to use.” 

Builders and businesses that use CASH will keep 100% of the net revenues, differentiating it from other stablecoins the CASH website FAQ says. 

At first, the token will only be deployed on Solana, but it is expected to expand to other chains in the future. 

CASH’s first use case will be inside Phantom Cash, the new financial network that builds on Phantom’s existing wallet with new features like instant bank funding, peer-to-peer payments, a Visa debit card, and rewards on unspent stablecoins.  

“We wanted to create a better financial consumer platform for people. In order to do that we needed to offer a more diverse set of things that you could do in the product,” said Dinch on a livestream broadcast hosted by the Phantom X account. 

The platform is available in a limited early access, but is expected to roll out next month. A waitlist is currently open for those in eligible jurisdictions. 

At the start of the year, Phantom boasted as many as 15 million monthly active users of its crypto wallet which supports Solana, Bitcoin, Ethereum, and other popular blockchains. In January, it raised $150 million in a Series C funding round which valued the firm at $3 billion. 

A representative for Phantom did not immediately respond to Decrypt’s request for comment.