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, Phantom, a non-custodial crypto wallet, has recently integrated a new feature, Phantom Cash, and launched a stablecoin called CASH, making it a super app. Both, launched on September 30, have gained some momentum in the crypto world.
Now, I am here to unpack how Phantom is shaping both the stablecoin and crypto super app scenes.
Is Phantom driving competition among crypto super apps and stablecoins?
Phantom — all-in-one app
Phantom is now striving to become a new crypto super payment app, with new features 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 emerges with this new addition
Phantom supports Solana-based tokens, and since 2023, it has expanded into a multi-chain wallet backing Ethereum and Polygon tokens.
The idea behind the 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 platform. 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 soon-to-launch Phantom debit card to the on-ramp (fiat to crypto) funds, quickly sell crypto to cash, do peer-to-peer payments, and use it 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, but in 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 has the potential to spark a new wave of innovation among other crypto wallet apps.
Phantom’s CASH stablecoin
Now, let’s look into Phantom’s stablecoin venture. Before diving in, I would like to put one thing in your mind — crypto is likely going to witness a flood of stablecoin in the near future. And if you’re wondering why, it’s simple: a stablecoin’s steady value speaks for itself.
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 other stablecoins can’t match.
“Existing stables weren’t built for everyday life, so we built the one we wanted”, according to an official statement by Phantom. CASH is a fully backed, USD-pegged stablecoin on Solana.
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. While centralized exchanges (CEX) make internal transfers easier, sending crypto externally — from a CEX to a crypto wallet or another chain — requires copying long wallet addresses.
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. Also, the stablecoin can be used for payments anywhere Apple Pay, Google Pay, or Visa are accepted.
So, what do you think?
Now, what do you think about 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.
