Phantom unveils Phantom Cash as first stablecoin on Stripe’s Open Issuance

Phantom expands its wallet into a money app, powered by Bridge’s CASH stablecoin and Visa-backed payment integration

by Blockworks /

September 30, 2025 11:53 am

solarseven/Shutterstock and Adobe modified by Blockworks

Phantom has announced the launch of Phantom Cash, a new consumer payments offering that transforms its crypto wallet into a broader money app.

The product allows users to fund balances instantly with a bank or card, buy and sell crypto without fees on stablecoins, pay with Visa through Apple Pay or Google Pay, and send money to peers. The service is underpinned by CASH, a stablecoin issued via Bridge — the infrastructure company Stripe acquired earlier this year.

Phantom Cash marks the first deployment of Open Issuance, a platform Stripe unveiled at its annual product showcase in New York. Open Issuance allows businesses to launch and manage their own stablecoins with just a few lines of code.

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It outsources reserve management to institutions including BlackRock, Fidelity and Superstate. Liquidity is handled by Lead Bank, and stablecoins minted through Open Issuance are interoperable with each other, lowering costs for conversion and settlement.

Phantom’s adoption gives Stripe an early, visible use case for its new infrastructure and highlights its ambition to move stablecoins from niche crypto use into mainstream payments. Stripe executives framed the launch as part of a push into “agentic commerce,” where AI agents transact on behalf of users.

Alongside Phantom, new stablecoins such as mUSD for Metamask and USDH for Hyperliquid will also issue on Open Issuance.

This is a developing story.

This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.

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