Discover CASH by Phantom, a USD-stablecoin redefining 2025 payments with Solana’s speed, Visa’s global reach, and Stripe’s seamless fiat bridge. Unlock crypto’s real-world potential.
On September 30, 2025, Phantom introduced CASH, its USD-pegged stablecoin, evolving from a Solana-based wallet into a robust payment ecosystem.
This review explores CASH’s features, collaborations, and practical uses, offering insight into how it bridges traditional finance and blockchain technology.
Phantom’s CASH stablecoin is a USD-linked digital currency built on the Solana blockchain. Each CASH token is pegged 1:1 to the US dollar, ensuring price stability for daily transactions.
Solana’s infrastructure allows CASH to process transactions in seconds with fees typically below $0.01, making it suitable for both small and large payments. Unlike volatile cryptocurrencies, CASH offers consistent value while retaining blockchain advantages like transparency and programmability.
Integration with Phantom’s wallet is seamless for its 15 million+ users, enabling them to hold, send, and receive CASH without additional setup or learning new tools.
CASH’s infrastructure is supported by partnerships with leading financial tech firms, ensuring reliability and regulatory adherence.
Bridge oversees the core stablecoin framework for CASH.
Acquired by Stripe for $1.1 billion in October 2024, Bridge manages USD-to-CASH conversions, maintains reserves, and ensures compliance with financial regulations.
Its “Open Issuance” platform enables Phantom to issue CASH while sharing liquidity with other stablecoins in the network, allowing fee-free 1:1 exchanges with USDH, mUSD, and DKUSD.
Stripe supports the Open Issuance platform and provides payment infrastructure for CASH, including instant bank funding and conversion between fiat and digital currencies. Through a revenue-sharing model with a starting platform fee of 50 basis points, Phantom retains most of CASH’s generated revenue, ensuring low costs for users.
Lead Bank issues Phantom’s debit cards, ensuring compliance with banking regulations. Visa’s payment network allows CASH to be spent at millions of merchants via Apple Pay, Google Pay, or Visa cards.
Other Open Issuance participants, such as Native Markets (USDH), MetaMask (mUSD), and Dakota (DKUSD), expand the network of compatible stablecoins.
CASH blends traditional payment functionality with DeFi capabilities, catering to both everyday users and crypto enthusiasts.
CASH supports virtual and physical debit cards accepted at Visa merchants, with Apple Pay and Google Pay integration for contactless payments. Instant person-to-person transfers occur with minimal fees.
Visa’s global network ensures CASH is usable at local stores and online retailers, addressing the challenge of spending crypto in real-world settings.
CASH integrates with Solana’s DeFi ecosystem, enabling lending, borrowing, and yield generation. Users can earn interest or use CASH as loan collateral. It works seamlessly with decentralized exchanges and automated market makers, supporting both passive income and active trading strategies.
For more on yield opportunities, explore our article on the Best Strategies for Earning Yield on Stablecoins in 2025.
Instant USD deposits and withdrawals eliminate delays associated with traditional bank transfers. Select features are fee-free, reducing costs compared to conventional banking.
Direct deposit functionality is in development, allowing salaries to be paid in CASH. On-chain activities require no identity verification, preserving privacy for basic blockchain transactions while ensuring compliance for fiat-related features.
Setting up CASH varies based on your intended use and location.
CASH is fully available to US users, with some restrictions in New York and Alaska for debit cards and banking features. On-chain functionality is accessible globally for Phantom wallet holders.
A tiered KYC approach allows sending, receiving, and holding CASH without verification, while bank transfers, debit cards, and fiat conversions require Stripe’s identity verification process.
CASH supports a range of practical applications for personal and business finance.
Daily purchases, from coffee to online shopping, are streamlined with CASH, as low fees make micro-transactions feasible. International transfers are instant, avoiding delays and high costs of traditional wires, with recipients able to spend via debit cards or convert to local currency.
DeFi without volatility allows users to engage in lending, borrowing, and yield generation without crypto price risks, ideal for those using DeFi as a banking alternative. Businesses benefit from programmable money for supplier payments, payroll, and automated smart contract transactions.
Developers can build stablecoin payment APIs, DeFi integrations, and financial apps on a stable, liquid infrastructure.
Evaluating CASH’s strengths and limitations helps assess its suitability.
CASH seamlessly connects traditional banking and crypto, eliminating common pain points. Partnerships with Stripe, Bridge, and Visa provide robust infrastructure and credibility.
Solana’s speed and low fees make transactions practical, while Visa acceptance addresses the challenge of spending crypto. The revenue-sharing model fosters ecosystem growth and sustainability.
Full features are US-only, restricting international users. KYC requirements for cards and banking may deter privacy-focused users, though on-chain functions remain permissionless.
Competition from USDC and USDT poses challenges for adoption. Regulatory uncertainty around stablecoins could impact future functionality.
CASH stands out with integrated payment features and interoperability compared to other stablecoins.
Unlike USDC and USDT, CASH offers native debit cards and bank connections from launch, while others rely on third-party services.
Bridge’s network enables fee-free 1:1 swaps with compatible stablecoins, unlike USDC and USDT, which require exchanges. Revenue sharing with developers incentivizes building on CASH, unlike traditional stablecoins where issuers retain all profits.
CASH emphasizes security and compliance through multiple measures.
Each CASH token is backed 1:1 by USD in segregated reserve accounts, with regular audits ensuring transparency. Bridge’s compliance framework includes money transmission licenses and regulatory approvals, bolstered by partnerships with regulated banks like Lead Bank.
The 2025 regulatory landscape shows growing clarity for stablecoins, and CASH’s compliant design positions it well as regulations solidify.
Early adoption reflects positive feedback and significant ecosystem effects.
Social media highlights CASH’s ease of use and the intuitive $CASH ticker, with users valuing its payment focus over pure DeFi. Some express concerns about stablecoin saturation and differentiation.
Coverage from CoinDesk and Blockworks emphasizes the Stripe-Phantom partnership’s role in mainstream crypto adoption. Solana gains from increased liquidity and transaction volume, with CASH attracting payment-focused users to complement DeFi activity. Early data shows consistent growth among Phantom’s user base.
Phantom plans to expand CASH’s reach and capabilities.
International expansion targets regions with high remittance needs and limited banking access, pending regulatory approvals. Cross-chain deployment aims to bring CASH to other blockchains, though maintaining speed and low costs across networks poses challenges.
Enhanced DeFi features, like automated yield strategies and advanced lending, are in development.
Exploring platforms like M^O’s stablecoin infrastructure highlights how institutional tools support these advancements.
CASH excels in making stablecoins practical for daily use through payment integration and intuitive design. Its strengths include payment infrastructure, strong institutional partnerships, and seamless wallet integration, making it highly accessible for non-technical users.
It’s ideal for those seeking easy crypto access, DeFi users needing payment options, businesses wanting efficient transactions, and developers building payment apps.
Rating: CASH shines for payment use cases but may not immediately overtake USDC/USDT in pure DeFi.
Its focus on real-world utility carves a unique niche. Future success hinges on global expansion and regulatory compliance, positioning CASH as a bridge between traditional and decentralized finance.
Phantom’s CASH stablecoin makes blockchain practical for everyday financial tasks. By prioritizing payments while retaining DeFi compatibility, CASH appeals to users seeking stable digital money usable in real-world scenarios.
Partnerships with Stripe, Bridge, and Visa provide robust infrastructure, while Visa integration overcomes usability hurdles.
As stablecoins expand beyond trading and DeFi, CASH’s payment focus positions it for mainstream adoption.
For those wanting a stablecoin that works at stores and in DeFi protocols, CASH is a compelling option. As features and availability grow, CASH could bring blockchain benefits to routine financial activities.
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CASH ensures security through 1:1 USD backing, regular audits, and partnerships with regulated entities. Bridge manages reserves in segregated accounts with third-party verification. While no stablecoin is without risk, CASH adheres to industry-leading security practices.
Full collateralization backs each CASH token with one USD in reserves. Bridge oversees these reserves and supports instant redemption. Market mechanisms and arbitrage ensure the price stays at $1, backed by transparent reserve reporting.
Solana network fees are under $0.01 per transaction. Many features, like transfers, are fee-free. Bank operations may incur processing costs. The platform charges issuers a 50-basis-point fee, not directly impacting users. Card transactions follow standard Visa rates.
Full features, including cards and banking, are US-only, with some restrictions in New York and Alaska. On-chain features are globally accessible for sending, receiving, and holding CASH. International expansion depends on regulatory approval in each region.
CASH offers native debit cards and bank connections, unlike USDC, which relies on third-party services. CASH supports fee-free swaps with Bridge network stablecoins. USDC has greater liquidity and exchange listings, serving different primary use cases.
Basic blockchain functions like holding, sending, and receiving CASH require no KYC. Debit cards, bank transfers, and fiat conversions need identity verification via Stripe, balancing accessibility with regulatory compliance.
