Stablecoins are multiplying at a fast pace, and do we really need another stablecoin? This is a question, or at least a thought echoing across crypto circles. Well, there is another rising question: are crypto super apps increasing in numbers? Adding to the hype, crypto wallet Phantom has recently launched Phantom Cash, a super app and stablecoin called CASH. Both, launched on September 30, have gained some momentum in the crypto world.
Now, I am here to unpack how Phantom Cash is shaping both the stablecoin and crypto super app scenes.
Is Phantom Cash driving competition among crypto super apps and stablecoins?
Phantom Cash — all-in-one app
Phantom Cash, the new crypto super payment app, is the new feature added to the Phantom crypto wallet app. Phantom built its roots as the go-to Solana non-custodial wallet, with millions of users relying on it for storing Solana, NFTs, and DeFi tokens. Now, a more ambitious goal awakens with the launch of the crypto super app.
The app supports Solana-based tokens, and since 2023, it has expanded into a multi-chain wallet backing Ethereum and Polygon tokens.
The idea behind the new app is simple: no extra friction or steps to turn your crypto into everyday expenses. In addition to the existing features like holding, swapping, and sending cryptocurrencies, it has become an all-in-one place. Why? You do not have to go through different complex steps to finalize a transaction.
New feature, easy process
With the new addition, you can link a bank or card to the on-ramp funds (fiat to crypto), quickly sell crypto to cash, do peer-to-peer payments, and use a Phantom debit card linked to your Phantom balance anywhere Visa is accepted.
One of the features that you need to pin is peer-to-peer payments. You might have used the traditional Cash App or Google Pay app to tap and pay for daily purchases. Phantom Cash is executing this easy-to-pay method using crypto payments. You can easily enter the recipient’s name or phone number, and then send crypto! No hassle, no fuss with copying long wallet addresses, picking blockchain networks, or paying high fees to send crypto, as in centralized crypto exchanges like Binance, OKX, or Coinbase!
Now, let’s compile all these features. Do any other non-custodial crypto wallets offer all of these unique capabilities on one platform? The answer is a resounding no. For all these reasons, one thing is very clear: Phantom Cash has the potential to spark a new wave of innovation among other crypto wallet apps.
Phantom’s CASH stablecoin
Now, let’s watch the stablecoin venture of Phantom Cash. Before I step into it, I would like to put one thing in your mind — crypto is likely going to witness a flood of stablecoin in the near future. Just one answer if you ask why. Stablecoin’s stable value speaks volumes.
With Tether’s new upcoming stablecoin, USAT, the crypto market has already shaken well. When Tether, already leading with its USDT stablecoin, has made an impact, Phantom’s CASH stabelcoin has the potential to stir the market with everyday use cases that other stablecoins cannot.
CASH is a fully backed, USD-pegged stablecoin on Solana. “Existing stables weren’t built for everyday life, so we built the one we wanted”, according to an official statement by Phantom.
What does this mean? — To spend stablecoins for daily purchases, you need to withdraw them to fiat currencies and use a third-party debit card. Besides, as mentioned, transactions require copying long wallet addresses. A single mistake? Then your cryptocurrencies are gone!
With the CASH stablecoin, you do not have to go through complex conversions, and soon, users can spend the stablecoin with any merchants using Stripe.
So, what do you think?
Now, what are your thoughts on the new super app and stablecoin? Can it truly spark the stablecoin market?
Phantom is betting big on the missing ingredients in crypto — convenience + everyday usability. Although some of its existing features are common in other non-custodial wallets, the latest additions are adding flavors to ignite the crypto industry. Phantom Cash’s good sides are being celebrated now; the real test will be ensuring that these bright sides don’t create unexpected shadows.
