Phantom has unveiled a new U.S. dollar-pegged stablecoin dubbed CASH, with an preliminary launch on Solana.
Abstract
- Phantom has launched a new U.S. dollar-backed stablecoin referred to as CASH, with preliminary rollout on Solana.
- CASH, constructed with Open Issuance platform by Stripe’s Bridge, will energy crypto funds on Phantom Money.
- The Phantom Money platform will permit over 15 million Phantom pockets customers to faucet into stablecoin funds anyplace ApplePay, GooglePay or Visa is accepted.
CASH is a stablecoin backed 1:1 by the U.S. greenback and constructed for each crypto and real-world utility, the Phantom staff said.
The stablecoin will energy Phantom Money, a new monetary app designed to carry crypto funds and use to on a regular basis life, with customers capable of leverage their crypto steadiness to pay for on a regular basis objects on any platform that accepts Apple Pay, Google Pay, or Visa.
Phantom: greater than a pockets
Phantom Money will permit customers to combine new crypto funds options on Solana (SOL).
CASH would be the default stablecoin for greater than 15 million Phantom customers, who will entry options similar to digital and debit playing cards, instantaneous financial institution funding, and peer-to-peer funds.
“Your crypto ought to do greater than sit in a pockets. Phantom Money turns your crypto into on a regular basis spending energy with out the additional steps or friction,” the pockets supplier wrote.
Ostensibly, CASH brings new cash performance to Phantom, with customers capable of faucet into the U.S. dollar-backed token along with options similar to buying and selling, holding, swapping, and token transfers.
Customers will have the ability to allow deposits to their digital accounts, with Stripe powering this by means of one-time verification performance.
Stripe and the burgeoning crypto house
Phantom’s launch of CASH and its Phantom Money platform comes because the crypto market experiences notable traction in stablecoin adoption. Tether and Circle are the trade giants on this house. Nonetheless, main banks and different monetary establishments are taking vital steps towards tapping into the momentum.
The newest wager on this progress is by Stripe, the monetary providers platform, which simply unveiled a new platform by means of which any enterprise can concern its personal stablecoin. Stripe’s Bridge unit introduced the launch of “Open Issuance,” which is able to permit fintechs, conventional banks, and different establishments to simply create and develop entry to branded stablecoins.
Phantom is among the many first platforms to make use of Open Issuance to launch CASH. Different platforms seeking to leverage the new characteristic embody Hyperliquid, MetaMask, Dakota, and Takenos.
