Phantom Wallet Unveils CASH Stablecoin, Intensifying Solana Competition

Phantom, a prominent crypto wallet on Solana, has launched Phantom Cash, a superapp for cryptocurrency payments. This app is built on Solana and utilizes a new US dollar-pegged stablecoin, CASH. The launch on September 30 signifies heightened competition among payment superapps and stablecoins, referred to as the "stablecoin supercycle" or "stablecoin wars."

Helius co-founder Mert predicts increased competition in Solana's stablecoin sector will benefit users.
Phantom developed its stablecoin via Bridge due to limitations of existing stablecoins for everyday use.
An integration with Stripe's global merchant network is planned to enhance crypto adoption.

The Stablecoin Supercycle and Wars

The concept of a "stablecoin supercycle" is gaining traction, with growing interest from investors and developers.
Solana and Ethereum are key platforms due to their network effects and liquidity.
Total market capitalization of stablecoins is near $300 billion, according to DefiLlama data.

Recent developments include Tether-backed Plasma's stablecoin superapp launch, Cloudflare's NET stablecoin introduction, and Visa's initiative to enhance cross-border stablecoin payments. Companies like Google, Coinbase, Kraken, and Circle are also expanding efforts in the crypto payments sphere.