After debuting on September 30th, the native stablecoin of self-custodial Web3 wallet Phantom Cash (CASH) recently crossed the $100 million mark in supply, according to Artemis data.
supply of cash. Source: Artemis
Supply acceleration appears to be driven by both product design and on-chain incentives. In mid-November, Phantom introduced a fee-free “cash account” that enables instant bank funding, peer-to-peer transfers, and debit card integration through stablecoin issuers Bridge and Stripe.
Protocol-level incentives also drove demand further. Camino, one of Solana’s largest liquidity providers, launched the “CASH Growth Initiative” in partnership with Phantom in early October, offering weekly and monthly KMNO rewards for lending and borrowing in CASH.
Collectively, these activations led to a parabolic increase in the number of CASH transactions, which jumped to approximately 162,000 on November 25, according to Artemis data.
Cash transaction amount. Source: Artemis
MetaMask’s MUSD also reaches $100 million
Meanwhile, fellow Web3 wallet MetaMask’s own stablecoin MetaMask USD (mUSD), a USD-pegged stablecoin also issued by Bridge and backed by short-term U.S. Treasuries and cash reserves, briefly exceeded $100 million in supply in early October, according to data from Dune Analytics. Since then, however, its circulation has declined and is now valued at around $25 million.
MetaMask USD supply. Source: Dune Analytics
Unlike CASH, mUSD, which also launched in September, is only available on Ethereum and Linea, layer 2 networks built by wallet developer ConsenSys.
When asked about mUSD, MetaMask’s senior director of product Johan Bornmann told The Defiant that the stablecoin’s supply has decreased after its own “short-term liquidity program” ended. Bornman also noted that the team is focused on building the utility of mUSD in wallets rather than short-term supply of stablecoins, adding:
“It is also important to note that stablecoins come to market through very different product build cycles. While some stablecoins reflect many months of upstream development and iteration before launch, MetaMask USD is still in the early stages of its post-launch lifecycle (approximately 4 months). Its status has a significant impact on the initial adoption curve and circulating supply at any given point.”
Defiant reached out to Phantom and Bridge for comment on the rapid increase in CASH supply and usage since launch, but did not receive a response by press time. Originally launched as the Solana wallet, Phantom now supports multiple networks including Ethereum, Sui, and HyperEVM.
