CASH (CASH)

Overview

A digital dollar for everyday use

CASH is a US-dollar-pegged stablecoin built for payments, transfers, and other uses on the Solana blockchain. Each token is designed to represent one US dollar. Bridge Building Inc. issues CASH, while the Phantom wallet team designed it as the foundation of Phantom’s Cash account. Bridge provides the systems that connect the token to dollar reserves and redemption. (usecash.xyz)

A stablecoin aims to make digital money easier to use than an asset whose value changes sharply from day to day. CASH brings that idea into a wallet where people can hold a dollar-denominated balance, send funds to another wallet, and, where supported, connect their balance to bank transfers or a debit card. The token is also open to other businesses and developers, so its uses extend beyond the Phantom app. (usecash.xyz)

History & Team

From wallet feature to stablecoin

Phantom and Bridge introduced CASH in September 2025. It was the first stablecoin issued through Open Issuance, a platform developed by Bridge, a Stripe company. Phantom announced its Cash account in November 2025, initially bringing CASH transfers and swaps into the wallet. Bank funding and card spending later broadened what the account could do. (stripe.com)

The organizations have distinct roles. Phantom designs the wallet experience and gives users a place to manage CASH. Bridge Building Inc. is the token’s issuer and maintains its reserve framework. Stripe and Bridge provide services that help connect CASH to payment methods and bank transfers. This division lets the same token work both as an onchain asset and as part of a consumer payment product. (usecash.xyz)

Technology & How It Works

Onchain transfers and dollar redemption

CASH launched on Solana, a blockchain that records token balances and transfers. A holder can send CASH to a compatible Solana address without waiting for a bank transfer. The token’s dollar link comes from its reserve and redemption structure: Bridge says each CASH is redeemable for one US dollar through its system and that the reserves are held separately from the issuer’s other assets. (usecash.xyz)

Bridge’s stated reserve policy allows high-quality liquid assets, including short-term US Treasury bills, certain Treasury-backed repurchase agreements, government money-market funds, deposits, and specified tokenized versions of those assets. The issuer says the reserve’s value must at least equal the dollar amount of outstanding Bridge stablecoins at its stated daily measurement time. In simple terms, the model pairs a transferable blockchain token with assets held to support dollar redemptions. (usecash.xyz)

Phantom’s Cash account is a separate Solana wallet linked to a user’s Phantom profile. It displays CASH balances in dollars and lets users send funds to Phantom usernames or Solana wallets. Eligible users can also move between CASH and bank-based payment methods through Phantom’s partners. The blockchain records wallet-to-wallet transfers, while the payment partners handle the steps that connect those transfers to banks and cards. (help.phantom.com)

Tokenomics & Utility

Supply follows use

CASH has a different economic purpose from a token with a fixed supply and a planned allocation to investors or a community. Its supply can change as tokens are issued and redeemed against the dollar-backed system. Bridge’s Open Issuance platform provides the minting, burning, reserve management, and conversion tools behind that process. CASH’s intended value comes from its usefulness as a digital dollar, rather than from a built-in expectation that each token will become worth more dollars over time. (usecash.xyz)

The project also has an incentive model for businesses that bring CASH onto their platforms. Its contributor program says participating businesses can receive 100% of the net revenue generated from the CASH supply they originate. “Net revenue” describes the program’s business economics; it is separate from the one-dollar redemption value of a token held by a user. The approach gives payment apps and other builders a reason to integrate a shared stablecoin into their products. (usecash.xyz)

CASH’s basic utility is straightforward: it can be held, transferred, swapped, and used in supported payment or decentralized finance applications. Holding CASH in a Phantom Cash account and depositing it into a lending application are different activities. Lending returns, when offered by an outside application, come from that application’s terms rather than from a fixed return built into every CASH token. (help.phantom.com)

Ecosystem & Use Cases

Payments, transfers, and applications

Inside Phantom, CASH serves as a common balance for moving between digital assets and everyday payments. Users can swap supported tokens into CASH, send it to another Phantom user, or transfer it to a Solana wallet. In supported US locations, verified users can add funds through available payment methods, receive bank transfers, withdraw to a bank account, and spend their Cash balance through the Phantom debit card. (help.phantom.com)

CASH also reaches beyond the wallet. Phantom has enabled holders to pay participating Stripe merchants through a connected wallet. On Solana, supported decentralized finance applications such as Kamino offer uses for CASH in lending, borrowing, and liquidity pools. A user who wants to use CASH directly in one of those applications moves the token from the Phantom Cash account to a regular Phantom wallet account first. (phantom.com)

For developers, the open-loop design means CASH can circulate among services rather than staying inside one app. That matters for products such as payment tools and wallets: each can support the same token while building its own user experience around it. (usecash.xyz)

Advantages & Challenges

One token across different systems

CASH’s main strength is the link between several familiar tasks. A user can keep a dollar-denominated onchain balance, send it across Solana, and use supported services to connect it to bank transfers or card spending. Phantom places many of these steps in one app. Bridge’s contributor model gives other businesses a reason to support the token as well. (usecash.xyz)

The main challenge is breadth of access. Onchain transfers are available wherever the relevant wallet features operate, but banking, card use, identity checks, and exchange support depend on location and provider. The system also relies on several organizations performing different jobs: Bridge manages issuance, Solana records transfers, and payment partners connect the token to traditional money services. Expanding CASH’s everyday use therefore requires both technical integration and access to those services. (help.phantom.com)

Where to Buy & Wallets

Getting and holding CASH

CASH can be purchased on Kraken, which supports CASH trading and Solana deposits and withdrawals. CASH is also available through swaps in Phantom. Users can add funds to a Phantom Cash account through supported payment methods, or swap eligible digital assets into CASH. Payment options vary by region. (blog.kraken.com)

Phantom provides two ways to hold it: a dedicated Cash account for the app’s money features and a regular Solana wallet account for direct use with supported applications. CASH can also be sent to a compatible Solana wallet. Phantom identifies its Solana token by the mint address CASHx9KJUStyftLFWGvEVf59SGeG9sh5FfcnZMVPCASH, which distinguishes it from other tokens using similar names. (phantom.com)

Regulatory & Compliance

Rules for issuance and payment access

Bridge says its CASH issuance program operates through a FinCEN-registered money services business, with state money-transmission authorizations where needed. The project’s published plan is to transition CASH to the US GENIUS Act framework as that law takes effect and its requirements begin. In the European Economic Area, Bridge describes an EU subsidiary registered in Poland as a virtual asset service provider and a transition toward other European authorizations. These arrangements concern the organizations that issue and move the token; access to individual payment features still varies by jurisdiction. (usecash.xyz)

Within Phantom, identity verification is required for Stripe funding in the United States and European Union, as well as for US bank deposits, withdrawals, and debit-card access. The US banking and card features exclude New York. Basic onchain uses, such as holding and sending CASH, follow a different path from those bank-connected features. (help.phantom.com)

Shariah assessment of CASH involves more than its role as a payment token. The issuer’s reserve policy permits Treasury bills, repurchase agreements, and government money-market funds, while outside lending applications may generate returns from borrower interest. Because Islamic finance restricts riba, or interest, those arrangements are relevant when assessing whether a particular use of CASH aligns with Shariah principles. Holding the token for payments and placing it into an interest-based lending product are distinct uses with distinct features to assess. (usecash.xyz)

Future Outlook

Building wider utility

CASH began on Solana, and its project describes expansion to other blockchains as a future goal. Its open design gives wallets, payment companies, and developers room to build additional services around the token. Bridge’s issuance tools and Phantom’s payment features provide a starting point for that growth. (usecash.xyz)

The longer-term direction is a digital dollar that can move between onchain applications and everyday payment services with fewer separate steps for the user. How widely CASH serves that role will depend on further integrations, regional access, and the continued development of the products built around it. (usecash.xyz)

Summary

CASH in context

CASH is a dollar-pegged Solana token issued by Bridge Building Inc. and designed with Phantom for transfers, payments, and application use. Its reserves and redemption system support its dollar link, while Phantom and other builders give holders ways to use it. CASH illustrates how a stablecoin can connect a blockchain wallet with payment tools people use in daily life. (usecash.xyz)