Simply put
- Phantom has launched its own Stablecoin called Cash to back its new consumer finance platform, Phantom Cash.
- Phantom Cash introduces features like peer-to-peer transactions, Visa debit cards, and attractive cash rewards.
- The wallet provider secured $150 million in January, giving it a valuation of $3 billion.
Phantom, a well-known Solana crypto wallet, has introduced Cash, a US dollar-backed Stablecoin developed with the help of Stripe and Bridge. This Stablecoin supports the financial platform known as Phantom Cash.
Cash was designed by Phantom and utilizes Stablecoin Infrastructure from Bridge’s new platform, which enables businesses to create their own Stablecoins.
“In consumer finance, Stablecoins are fundamental units. For us at Phantom, they didn’t mean much,” Donnie Dinch shared on X. “So we went ahead and created the Stablecoin we needed, and it’s open for anyone to use.”
With Cash, developers and businesses can retain 100% of their net revenues, setting them apart from some other coins. The Cash website FAQ elaborates on this.
Initially, these tokens will be rolled out on Solana, though there’s an expectation to expand to other blockchain networks later on.
The first application of Cash will be within Phantom Cash, which is designed as a new financial ecosystem using Phantom’s existing wallets and offering features like instant bank funding, peer-to-peer payments, Visa debit cards, and combined coin rewards.
“We aimed to create an improved financial platform for consumers. To accomplish this, we had to offer a more diverse set of features with our products,” was one sentiment shared.
The platform, currently available through limited early access, is set to launch broadly next month, with existing waitlists for eligible jurisdictions.
Earlier this year, Phantom reported having roughly 15 million monthly active users utilizing crypto wallets that support various blockchains like Solana, Bitcoin, and Ethereum. In January, Phantom raised $150 million in a Series C funding round, achieving a valuation of $3 billion.
Phantom representatives have not yet responded to requests for comments.
