thedefiant.io
The native stablecoin of self-custody web3 wallet Phantom, Cash (CASH), recently surpassed the $100 million mark in supply, per data from Artemis, after debuting on Sept. 30.
The supply acceleration appears driven by both product design and on-chain incentives. In mid-November, Phantom introduced a fee-free “Cash Account,” allowing instant bank funding, peer-to-peer transfers, and debit-card integration via the stablecoin’s issuer, Bridge, and Stripe.
Demand was also further boosted by protocol-level incentives. Kamino, one of the largest liquidity providers on Solana, teamed up with Phantom in early October to launch the “CASH Growth Initiative,” offering weekly and monthly KMNO rewards for lending and borrowing with CASH.
Taken together, those activations have resulted in the parabolic growth in the number of CASH transactions, which spiked to almost 162,000 on Nov. 25, per Artemis data.
MetaMask's MUSD Also Hit $100M
Meanwhile, fellow web3 wallet MetaMask’s own stablecoin MetaMask USD (mUSD) — also a Bridge-issued, USD-pegged stablecoin backed by short-term U.S. Treasuries and cash reserves — briefly broke over a $100 million in supply in early October, according to Dune Analytics data. Since then, however, its circulating supply has fallen, and it currently stands at around $25 million.
Unlike CASH, mUSD, which was also launched in September, is only available on Ethereum and Linea, a Layer 2 network built by Consensys, the wallet’s developer.
When asked about mUSD, MetaMask’s Senior Director of Product, Johann Bornman, told The Defiant that the stablecoin’s supply dropped after its own “short-term liquidity programs” ended. Bornman also noted that the team is focused more on building utility for mUSD in the wallet, and less on the stablecoin’s short-term supply, adding:
“It’s also important to note that stablecoins come to market with very different product build cycles behind them. Some reflect many months of upstream development and iteration prior to launch, while MetaMask USD is still early in its post-launch lifecycle (approximately four months in). That context materially affects early adoption curves and circulating supply at any given point in time.”
The Defiant reached out to Phantom and Bridge for comments on CASH’s rapid growth in supply and usage since launch, but hasn’t heard back by press time. Originally launched as a Solana wallet, Phantom now supports multiple networks, including Ethereum, Sui, and HyperEVM.