CASH

CASH is a US dollar stablecoin designed by the crypto wallet Phantom and issued through the Open Issuance infrastructure of Bridge, which is owned by Stripe. The issuer is Bridge Building Inc.; the token was initially launched on the Solana network, and the project's website mentions plans to expand to other chains. The aim is to let Phantom users use a dollar-based asset for payments, transfers and in-app transactions.

According to the project, each CASH is backed by reserves such as US Treasury bills, money market funds and reverse repurchase agreements held in segregated accounts, and can be redeemed for dollars one-to-one through Bridge. Bridge is an entity operating in the US under money transmission licenses. In the Open Issuance model, platforms that distribute a stablecoin can receive a share of the reserve income; this makes CASH a stablecoin that the wallet company ties into its own product ecosystem.

The peg of CASH depends on factors such as the adequacy and auditing of the reserves, the smooth functioning of the redemption process, the condition of the issuer and custodians, and compliance with stablecoin legislation in the US. Lzzo.com publishes DefiLlama's dollar reference price for CASH; the series on the chart is also this source's historical data.