Phantom Wallet Introduces Stablecoin CASH for Enhanced Financial Ecosystem Текст: Phantom Wallet is launching a new stablecoin, CASH, pegged to the US dollar, as part of its innovative financial platform, Phantom Cash, aimed at transforming consumer finance.

The popular Web3 wallet Phantom has announced a new stablecoin called CASH, which is pegged to the US dollar. This development will form the foundation for a new financial platform within the project, named Phantom Cash.

«Stablecoins are the fundamental unit of consumer finance. However, there was no solution available on the market that fit Phantom’s requirements. Thus, we developed an asset that we were searching for ourselves, and it is open for use by any developers,» noted Donnie Dinch, the wallet’s Vice President of Strategy.

CASH has been created utilizing the Open Issuance platform from the payment giant Stripe. Launched on September 30, this platform utilizes the stablecoin infrastructure developed by the Bridge project.

As mentioned on the project’s website, the key advantage of the asset for developers and partners is the ability to earn 100% of the net revenue generated from its use. Initially, it will operate on Solana, with plans for Phantom to eventually support other blockchains.

«CASH is a fully-backed stablecoin from Bridge and Phantom, designed as an open ecosystem for both cryptocurrency and traditional payments,» the developers added.

The first application of CASH will be its integration into Phantom Cash, a new financial network that will enhance the wallet’s functionalities.

The platform will provide users with the following capabilities:

«We aimed to create the best consumer financial platform for people. We needed to offer a more diverse set of features within the product,» explained Dinch.

Phantom Cash is currently available in limited early access, with a full launch expected in October.

Recall that on September 15, another popular Web3 wallet, MetaMask, released its stablecoin. Within a week of its launch, the trading volume of the mUSD stablecoin surpassed $65 million.

Experts from the ratings agency Moody’s have warned about the risks associated with the surge of fiat-backed coins. Meanwhile, analysts at JPMorgan have stated that the anticipated wave of stablecoin launches in the US might turn into a «zero-sum competition.»