Crypto Wallet Phantom Unveils Stablecoin and Payments Service

Phantom, a prominent crypto wallet provider, has launched its own stablecoin named CASH, which is designed to facilitate transactions within its new financial platform, Phantom Cash. The stablecoin is pegged to the U.S. dollar and was developed in collaboration with Stripe and Bridge, utilizing Bridge's infrastructure to allow businesses to create their own stablecoins. CASH aims to support features like peer-to-peer transactions, a Visa debit card, and rewards on unused stablecoins, enhancing Phantom's offerings beyond traditional wallet capabilities. Initially, CASH will be available on the Solana blockchain, with plans for expansion to other networks. The service is available in a limited early-access phase, with a waitlist for interested users. Phantom previously raised $150 million at a $3 billion valuation earlier this year and currently has around 15 million monthly active users, supporting multiple cryptocurrencies including Solana, Bitcoin, and Ethereum.

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