Stablecoins rule crypto—but 92% of the market is controlled by just two centralized players: USDT and USDC.

In October 2025, Phantom quietly launched Phantom Cash ($CASH)—a fully on-chain, Solana-native stablecoin backed by liquid staking assets like mSOL and bSOL, minted with zero fees, and embedded directly into the Phantom Wallet.

In this deep dive, we explore:

✅ Why stablecoins are broken
✅ How $CASH works (mint, burn, collateral, fees)
✅ Phantom’s “Apple move” toward a DeFi super app
✅ The risks no one is talking about
✅ Why founders and users should take this VERY seriously

Sometimes the biggest revolutions don’t trend. They whisper.
And Phantom Cash might be the quietest—and most important—stablecoin launch of 2025.

🎧 Let’s dive in.