CASH

CASH is a United States dollar stablecoin launched on Solana, designed by Phantom, the widely used Solana wallet, and built using Open Issuance infrastructure from Bridge, a stablecoin platform acquired by Stripe.

How CASH works

The token is a fiat-backed stablecoin, meaning each unit is intended to be redeemable for one dollar from reserves held by the issuer. Bridge's Open Issuance product allows companies to launch their own branded stablecoin without building the reserve management, banking relationships, and compliance infrastructure themselves. Phantom uses this to offer a dollar token integrated directly into its wallet experience, aimed at practical everyday use rather than at trading pairs.

There is no maximum supply. Tokens are minted when dollars are deposited with the issuer and burned on redemption, so the outstanding amount tracks demand, currently around 123 million. CASH launched first on Solana.

Role in the ecosystem

CASH is an example of a trend in which consumer applications issue their own stablecoins rather than relying solely on USDT or USDC. The economics are straightforward: the issuer earns yield on the reserves backing the token, so a wallet or app with a large user base can generate revenue from balances that would otherwise sit in a third party's stablecoin. For users, the practical considerations are the same as for any fiat-backed token: who holds the reserves, what they are invested in, how redemption works, and how widely the token is accepted elsewhere. The involvement of Stripe through its acquisition of Bridge is significant context, since it connects the token to a payments company with existing merchant relationships rather than to a purely crypto-native issuer.