Phantom Cash

What Phantom Cash is

Phantom Cash is the financial account layered into the Phantom wallet, launched in late 2025. Its balance is held on chain as CASH, a USD-pegged stablecoin on Solana built for the product, and displayed in dollars in the app. The design goal is to remove the friction between holding crypto and spending it: you fund the account from a bank or a card, receive a virtual account for direct deposits, spend with a Visa debit card, and move between crypto and cash inside the same app.

The card and how it is issued

The Phantom debit card is a prepaid Visa issued by Lead Bank under licensing from Visa U.S.A., with Bridge as programme manager and Phantom as platform provider - the disclosure is explicit that Phantom is a financial technology company and not a bank. It works with Apple Pay and Google Pay, online and in stores, spending your CASH balance anywhere Visa is accepted. A physical card has been promised but was not available at launch.

How KYC sits

This is one of the more interesting design choices: on-chain features work without identity verification, and KYC is required only for the off-chain features - the virtual account, direct deposit and the debit card - with verification performed by Stripe rather than Phantom, which states it does not store your legal name or KYC data. Both the wallet-only and the fully-banked use cases are therefore supported, with different levels of access.

Earning and what is not published

Phantom promotes rewards on unspent CASH with no lockups, and the launch announcement described cashback on card spending as coming later. Neither the CASH reward rate nor the card's fees are published on the product page - the disclosure simply says fees may apply and points to the cardholder agreement. Funding is advertised as free and at 1:1 from USD, and converting other crypto into stablecoins is described as fee-free, so the practical cost of the account appears to sit in the card rather than in deposits.

Phantom Cash holds a dollar balance in the wallet at 1:1 against the CASH stablecoin and spends it on a Visa card, the same idea as the MetaMask Card in a different ecosystem. The Solflare Card is the other Solana wallet option and skips the account layer entirely. Our Best Crypto Cards directory covers the wallet-issued cards.

Card

• Prepaid Visa debit card issued by Lead Bank, licensed by Visa U.S.A., with Bridge as programme manager.
• Spend CASH anywhere Visa, Apple Pay or Google Pay is accepted, online, in apps and in stores.
• Virtual card available now, with a physical card announced.
• KYC required for the card, performed by Stripe.

Money in and out

• Fund via bank transfer, direct deposit, Apple Pay or debit card, at 1:1 against dollars and with no Phantom fees.
• Virtual account with routing and account numbers for US direct deposits and ACH or wire transfers.
• Withdraw to a bank account or to a Solana wallet.

Wallet features

• Send and receive by Phantom username instantly, worldwide.
• Convert crypto to stablecoins with no fees, or roll multiple positions into CASH.
• Buy, sell and trade tokens, perps and predictions inside the same app.
• Rewards on unspent CASH without lockups.

CASH on Solana

The account's core asset is CASH, a fully-backed, USD-pegged stablecoin on Solana that Phantom built for the product. Balances are held on chain and displayed in dollars, so the spending experience is dollar-denominated even though the underlying asset is a stablecoin.

Funding from any direction

Money can arrive from a bank via ACH or direct deposit into a Bridge-provided virtual account, from a debit card or Apple Pay through Stripe, or by converting crypto already held in the wallet. Phantom describes converting crypto into stablecoins as fee-free, and rolling multiple positions into CASH is supported in a few taps.

Self-custody with a banking layer

The structure is a hybrid: on-chain CASH in a wallet you control, plus off-chain payment and banking features delivered by regulated partners. KYC is required only for the off-chain side, and verification is handled by Stripe rather than Phantom. The trade-off is that the card and virtual account are subject to the partners' terms and to US regulatory limits such as the exclusion of New York residents from the card programme.

What Phantom publishes

• Adding funds: no Phantom fees, with a 1:1 USD-to-CASH rate
• Converting crypto to stablecoins: described as fee-free
• Card and cash-account fees: the disclosure states that fees may apply and refers to the cardholder agreement

What is not published

• Card issuance fees, if any
• ATM withdrawal fees and whether cash access is supported
• Foreign transaction fees on non-USD spending
• The reward rate paid on unspent CASH balances
• Spending limits

How to assess the cost

Because the card sits on a prepaid Visa issued by a bank partner, its fee terms live in a cardholder agreement rather than on the marketing page - so the deposit side, which Phantom says is free at 1:1, is not the whole picture. Anyone planning to use this as a primary account should read the cardholder agreement, particularly on out-of-network ATM fees and foreign transaction fees, which is where prepaid programmes typically charge. The reward on unspent CASH is the other number to confirm, since it determines whether leaving money in the account is worthwhile.