CASH

On 2025-09-30, Phantom introduced Phantom Cash and described CASH as a fully backed, dollar-pegged stablecoin on Solana. The announcement was a product preview with limited early access; it did not turn every advertised card and banking feature into a universally available token right.

Stripe and Bridge launched Open Issuance the same day. Their arrangement lets a company shape the user experience and participate in reserve economics while Bridge handles issuance, reserves, liquidity and compliance. CASH was the platform's first named stablecoin: Phantom designed the experience, but Bridge Building Inc. became the issuer.

The on-chain layer is concrete. Phantom documents mint CASHx9KJUStyftLFWGvEVf59SGeG9sh5FfcnZMVPCASH as a six-decimal Solana token, and the network identifies it as Token-2022. Phantom's Cash account is a separate self-custody wallet, so Phantom says it cannot reverse a transfer or retrieve a lost recovery credential.

The app layer adds username transfers and Solana swaps. The financial-service layer adds bank funding, ACH withdrawals and a prepaid Visa card through Stripe, Bridge, Lead Bank and other partners. Regional access and identity checks attach to those off-chain rails. Owning the SPL token does not, by itself, guarantee access to every button shown in Phantom.

Bridge's current stablecoin terms say each Bridge Stablecoin can be redeemed for one US dollar by an eligible Bridge user, subject to the User Terms. A compliant redemption order is generally processed within two business days. This is a contractual route through Bridge, not a promise that every exchange will always quote CASH at exactly $1.

BBI says its aggregate Bridge Stablecoin reserve is checked each business day and may contain short Treasury bills, overnight reverse repos fully collateralized by US Treasuries, US government money-market funds, deposits and certain tokenized equivalents. The same terms draw a hard ownership boundary: CASH conveys no property interest in those assets, and BBI retains net reserve returns. CoinYQ did not find a dated independent attestation isolating CASH from the wider Bridge reserve program.

At Solana slot 444249851 on 2026-09-04, the mint reported 127,232,136.655669 CASH. It also exposed an active mint authority, an active freeze authority and a permanent delegate, while a separate address controlled metadata and the dormant transfer-hook setting. Those observations show a managed stablecoin rather than a fixed-supply bearer asset.

Bridge's terms explain the intended compliance outcome: Bridge may blacklist wallets, freeze transfers, burn tokens and decide whether to remint elsewhere under law or internal policy.

The public sources reviewed do not name who controls each on-chain authority address. Self-custody therefore protects the user's signing keys, but it does not neutralize issuer-level token powers.