CASH
Info
Does CASH hold its $1 peg?
CASH is not a token you chart; it is a dollar you hold on Solana. One CASH targets one US dollar, and the design goal of everything below is that the price on this page never becomes interesting. This is not financial advice.
How the peg works
- Redeemable one-for-one, on demand
- CASH is structured as what the SEC's Division of Corporation Finance called a "Covered Stablecoin" in its April 2025 statement: backed by low-risk, liquid assets and redeemable one-for-one with USD on demand, at any time and in unlimited quantities. That redemption promise, not market sentiment, is what anchors the price.
- Issued on regulated rails
- Phantom designed CASH using Open Issuance by Bridge, Stripe's stablecoin-issuance platform, launching first on Solana. The issuance and redemption plumbing runs through that regulated infrastructure rather than through Phantom itself.
- A federal framework now exists
- The GENIUS Act, passed in 2025, established the first US federal regulatory framework for payment stablecoins. CASH operates inside that framework, and the SEC's April 2025 statement confirmed Covered Stablecoins "do not involve the offer and sale of securities" under the Securities Act.
- Arbitrage does the daily work
- When a stablecoin trades a fraction off its peg on an exchange, redeeming or minting at exactly $1.00 becomes free profit; that flow pulls the market price back. Deviations of a few hundredths of a cent on DEX pairs are normal market texture, not depegs.
What the record shows
CASH launched in September 2025 and has no documented depeg episode in its history to date. That history is short; a stablecoin's stress test is a market panic, and CASH has not yet lived through one. The honest comparison points are the majors: USDC repegged within days after its March 2023 reserve scare, and the lesson generalizes: what matters in stress is what backs the coin and whether redemption stays open.
What a holder should watch
- Reserve transparency — as the program matures, look for published attestations of the assets backing CASH through the Bridge issuance program.
- Redemption behavior — the peg is only as good as the ability to exit at $1.00; withdrawals to a linked US bank account process at a 1:1 USD rate today.
- Regulatory developments — CASH benefits from the GENIUS Act framework; changes to stablecoin regulation flow straight through to every USD stablecoin, this one included.
How to get CASH in Phantom
CASH lives natively in the Phantom mobile app; getting it takes minutes, and basic use requires no identity verification at all.
- Download Phantom and secure your walletGet the Phantom app on iOS or Android and create or import a wallet. Write your Secret Recovery Phrase on paper and store it offline; it is the single master key to everything in the wallet, there is no password reset, and Phantom will never ask for it.
- Open the Cash tabThe Cash section sits directly on the Home tab. Your Cash account is a separate self-custody Solana wallet tied to your Phantom profile; it is created for you and holds your balance on-chain at all times.
- Add funds your wayFund with Apple Pay, Google Pay, or a debit card; swap any supported Solana token into CASH in one step; or, after a one-time identity check, receive ACH and wire transfers through your own routing and account number. Identity verification is handled by Stripe, and only the bank-linked features and the debit card require it.
- Use itSend CASH to another Phantom user by username (transfers settle instantly), spend anywhere Visa is accepted including Apple Pay and Google Pay, or withdraw to a linked US bank account at a 1:1 rate.
Verify the token
Inside the Cash tab you never touch the mint directly, but if you swap or receive CASH as a token in a regular wallet, verify the address; look-alike stablecoins are a standing problem on every chain.
What it costs
Phantom charges no additional fees on stablecoin swaps into CASH, Solana network fees run fractions of a cent, and peer-to-peer sends between Phantom users settle without gas-fee prompts. The real trade-off is structural, not a fee: a Cash balance is self-custodied on-chain, which means no institution can freeze it, and also that there is no FDIC insurance behind it the way there is behind a bank deposit.
About
CASH is Phantom's own US-dollar stablecoin: "a stablecoin built for real-world utility," in the page's words, designed by Phantom using Open Issuance by Bridge and Stripe and launched first on Solana in September 2025. One CASH targets one dollar, balances display in USD inside the app, and the on-chain mechanics stay out of the way. At capture this page showed roughly 127.8M CASH in circulation across more than 400,000 holders.
The Cash account it powers is not a bank account; it is a self-custody Solana wallet tied to your Phantom profile. From that one account you can spend with a Phantom Visa debit card (including Apple Pay and Google Pay), receive ACH and wire transfers through a dedicated routing and account number, send instantly to other Phantom users, swap Solana tokens into CASH, deploy the balance into Solana DeFi protocols such as Kamino for variable yield with no lock-ups, and withdraw to a US bank at 1:1. The card stack is run by named, regulated entities: the Prepaid Debit Visa Card is issued by Lead Bank under Visa U.S.A. licensing, Bridge Ventures LLC is the program manager, and Galileo processes transactions and disputes.
Privacy is a deliberate part of the design. Basic use (holding, swapping, and sending CASH) requires no identity verification; bank transfers, direct deposit, and the debit card do. That verification is handled by Stripe, and per Phantom's documentation, Phantom itself never receives your legal name and does not link your identity to your other wallet addresses.
Is CASH safe?
- Self-custody, with what that implies
- Only you control the keys to a Cash account; Phantom does not hold your funds and cannot freeze or access your balance. The flip side: your Secret Recovery Phrase is the only recovery path, and there is no FDIC insurance layer behind an on-chain balance.
- Regulatory standing
- CASH is structured as a Covered Stablecoin under the SEC's April 2025 framework (backed by low-risk liquid assets, redeemable 1:1 on demand) and operates within the GENIUS Act, the 2025 federal stablecoin framework.
- Verify like any SPL token
- The mint address is checkable on Solscan like any Solana asset; confirm mint authority status and the token's issuance program yourself rather than trusting screenshots or DMs.
Treat any message asking for your Secret Recovery Phrase as theft, full stop; that rule has no exceptions, including messages claiming to be Phantom support.
FAQ
The market capitalization of CASH is $124M as of Jul 26, 2026.
Market capitalization is calculated by multiplying the current price of CASH by its circulating supply. It reflects the overall value of the token in the market and helps gauge its relative size compared to other cryptocurrencies.
The daily trading volume of CASH is $6.1M as of Jul 26, 2026.
Trading volume can fluctuate based on market conditions, investor activity, and overall demand for CASH.
The total supply of CASH is 124.2M.
The circulating supply, which represents the number of CASH currently available in the market, is 124.2M as of Jul 26, 2026.
CASH can be bought and traded on a variety of cryptocurrency platforms, including Phantom!
CASH is Phantom's US-dollar stablecoin: a USD-pegged token on Solana, designed by Phantom using Open Issuance by Bridge and Stripe, that powers the Cash account inside the Phantom app. One CASH targets one dollar, balances display in USD, and the same account supports spending via a Visa debit card, bank transfers, instant peer-to-peer sends, token swaps, and DeFi yield. The verified mint address is CASHx9KJUStyftLFWGvEVf59SGeG9sh5FfcnZMVPCASH.
CASH is structured as a Covered Stablecoin under the SEC's April 2025 framework: backed by low-risk, liquid assets and redeemable one-for-one with USD on demand, operating within the GENIUS Act's federal stablecoin rules. The balance is self-custodied, so Phantom cannot freeze or access it, but there is no FDIC insurance and your Secret Recovery Phrase is the only recovery path. The coin launched in September 2025 and has no documented depeg episode to date.
Download the Phantom app, open the Cash tab on the Home screen, and add funds with Apple Pay, Google Pay, or a debit card, or swap any supported Solana token into CASH in one step. Basic use requires no identity verification; activating bank transfers or the Visa debit card triggers a one-time verification handled by Stripe. Your Cash account is created automatically as a self-custody Solana wallet tied to your Phantom profile.
No. Funding a Cash account with Apple Pay, Google Pay, a debit card, or a bank transfer requires no SOL at all, and peer-to-peer CASH sends between Phantom users settle without gas-fee prompts. If you swap an existing Solana token into CASH, that swap runs on Solana rails where network fees are fractions of a cent, and Phantom adds no fee on stablecoin swaps.
CASH was designed by Phantom and is issued through Open Issuance by Bridge, Stripe's stablecoin-issuance platform, per Phantom's own documentation. The related Phantom Visa debit card is issued by Lead Bank under Visa U.S.A. licensing, with Bridge Ventures LLC as program manager and Galileo handling processing and disputes. Identity verification, where required, is handled by Stripe rather than Phantom.
Any stablecoin can trade fractionally off $1.00 on exchanges; the question is whether redemption holds. CASH is redeemable one-for-one with USD on demand under its Covered Stablecoin structure, which is the mechanism that pulls market price back to the peg, and it has no documented depeg episode since its September 2025 launch. Its history is short, so the honest answer is: the design is built for peg stability, and a true market panic has not yet tested it.
CASH is wallet-native: it exists to make a self-custody wallet work like everyday money. Unlike holding a generic stablecoin, a CASH balance plugs directly into a Visa debit card, Apple Pay and Google Pay, ACH banking rails, username-based instant transfers, and Solana DeFi, all from the Phantom app, with no identity verification required for basic use. It is currently available in the US except New York.
Pricing information is provided for informational purposes only and is not financial advice. Market data is provided by third parties and Phantom makes no representation as to the accuracy of the information.
Buy CASH with the Mobile App
Trade from your desktop browser
Trending Tokens
Pricing information is provided for informational purposes only and is not financial advice. Market data is provided by third parties and Phantom makes no representation as to the accuracy of the information.