Phantom Launches Phantom Cash as First Stablecoin on Stripe’s Open Issuance Platform

Phantom has introduced Phantom Cash, a new consumer payments solution that expands its crypto wallet into a comprehensive money app. The offering enables instant funding via bank or card, fee-free crypto trading on stablecoins, Visa payments through Apple Pay or Google Pay, and peer-to-peer transfers. CASH, the stablecoin powering the service, is issued via Bridge—a Stripe-acquired infrastructure firm.

This marks the inaugural use of Stripe’s Open Issuance platform, unveiled at its New York showcase. The platform allows businesses to launch and manage stablecoins with minimal coding, while outsourcing reserve management to institutional heavyweights like BlackRock and Fidelity. Lead Bank handles liquidity, and Open Issuance stablecoins are interoperable, reducing conversion costs.

Phantom’s adoption provides Stripe with a high-profile case study for its infrastructure, signaling ambitions to transition stablecoins from crypto niches to mainstream commerce. Stripe executives position this as a step toward 'agentic commerce,' where AI agents facilitate user transactions. Metamask’s mUSD and Hyperliquid’s USDH are among other stablecoins preparing to launch on Open Issuance.