Phantom stablecoin CASH issuance surpasses $100 million.
AI Summary1 min read
TL;DR
Phantom's stablecoin CASH exceeded $100 million in supply within two months, driven by product features like fee-free accounts and partnerships such as with Kamino, contrasting with MetaMask's mUSD decline.
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CashPhantomCASH stablecoinSolanaWeb3 walletcryptocurrency growth
According to Mars Finance, as reported by The Defiant, CASH, the native stablecoin of the Web3 wallet Phantom, has surpassed $100 million in supply in just two months since its launch on September 30th. This growth is primarily attributed to product design and on-chain incentive programs. In mid-November, Phantom launched fee-free CASH accounts, supporting instant bank transfers, P2P transfers, and bank card integration. Kamino, one of Solana's major liquidity providers, also partnered with Phantom in early October to launch a CASH growth program, offering KMNO token rewards. These measures caused CASH transaction volume to surge to nearly 162,000 transactions on November 25th. In contrast, while MetaMask's stablecoin mUSD also surpassed $100 million in October, its current supply has fallen back to approximately $25 million.