CASH Project Update

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Biggest Stories of 2025

• Phantom integrated Kalshi prediction markets into its wallet, allowing its over 20 million users to trade on politics, sports, crypto, and culture markets using SOL or CASH without creating new accounts or making new deposits. This expanded CASH's utility beyond payments into a trading and settlement asset within the Phantom ecosystem. (December 12, 2025) 12
• Phantom outlined its broader consumer finance strategy at Breakpoint 2025, highlighting Phantom Cash as a utility feature integrating spending, saving, and earning, alongside new products like Phantom Terminal for pro-level trading, Phantom Connect (a free developer SDK for embedded wallets), and native prediction markets. This signaled Phantom's ambition to evolve from a wallet into a comprehensive consumer finance platform. (December 12, 2025)
• CASH supply surpassed $100 million two months after launch, driven by the mid-November introduction of a fee-free "Cash Account" enabling instant bank funding and Stripe debit-card integration, plus protocol incentives like the "CASH Growth Initiative" with Kamino offering KMNO rewards. Transaction volume peaked near 162,000 on November 25. (December 10, 2025) 4
• Stripe acquired the team behind the Valora crypto wallet to expand its stablecoin business, following its prior acquisitions of Bridge ($1.1 billion in October 2024) and Privy. This reinforced Stripe's deepening commitment to stablecoin infrastructure, which underpins CASH. (December 10, 2025) 56
• Phantom rolled out select Phantom Cash features, giving users access to Cash Accounts to send and save from the Phantom wallet, with the ability to send/receive CASH to any wallet or Phantom username and access gasless, fee-free stablecoin swaps. Virtual and physical debit cards and bank funding were announced for priority waitlist members. (November 11, 2025) 7
• Phantom's evolution toward a consumer finance platform was discussed on the Empire podcast, emphasizing stablecoin issuance, merchant acceptance, and financial services as revenue diversification beyond swap fees, inspired by models like Coinbase. (November 7, 2025)
• Stripe and Paradigm were revealed to be developing Tempo, a layer-1 blockchain optimized for stablecoins and payments, with Phantom and Bridge among the design partners and infrastructure providers. This positioned CASH's key partners at the center of a broader payments-focused blockchain initiative. (November 2, 2025) 9
• Phantom introduced CASH, an "open loop" 1:1 backed USD stablecoin built using Open Issuance, a new platform from Bridge and Stripe. CASH launched on Solana and was designed to serve as the foundation for Phantom's money movement features, including virtual accounts, instant bank funding, social P2P, and the Phantom debit card, with later integration into Stripe Checkout. (September 30, 2025) 10
• Phantom launched Phantom Cash, a collection of fiat-crypto integration features powered by CASH, enabling users to link a bank or card to onramp money, convert stablecoins without fees, send text-based P2P payments, spend crypto wherever Visa is accepted, configure direct deposits, and earn rewards on unspent CASH. (September 30, 2025) 1112
• Stripe completed its $1.10 billion acquisition of Bridge, a stablecoin infrastructure provider founded by former Coinbase and Square executives that had processed over $5 billion in annualized payment volume. This acquisition strengthened Stripe's stablecoin capabilities and laid the groundwork for the Open Issuance platform that powers CASH. (February 2025) 13