The native stablecoin of self-custody web3 pockets Phantom, Money (CASH), no longer too long previously surpassed the $100 million be aware in present, per files from Artemis, after debuting on Sept. 30.
The present acceleration looks to be pushed by each product invent and on-chain incentives. In mid-November, Phantom presented a rate-free “Money Narrative,” allowing instantaneous financial institution funding, detect-to-detect transfers, and debit-card integration by strategy of the stablecoin’s issuer, Bridge, and Stripe.
Seek files from became as soon as moreover additional boosted by protocol-level incentives. Kamino, one in all the supreme liquidity suppliers on Solana, teamed up with Phantom in early October to start the “CASH Growth Initiative,” providing weekly and month-to-month KMNO rewards for lending and borrowing with CASH.
Taken together, these activations possess resulted in the parabolic enhance in the sequence of CASH transactions, which spiked to virtually 162,000 on Nov. 25, per Artemis files.
MetaMask’s MUSD Also Hit $100M
In the meantime, fellow web3 pockets MetaMask’s gain stablecoin MetaMask USD (mUSD) — moreover a Bridge-issued, USD-pegged stablecoin backed by temporary U.S. Treasuries and cash reserves — rapid broke over a $100 million in present in early October, basically based fully on Dune Analytics files. Since then, on the opposite hand, its circulating present has fallen, and it at this time stands at spherical $25 million.
Not like CASH, mUSD, which became as soon as moreover launched in September, is barely on hand on Ethereum and Linea, a Layer 2 network built by Consensys, the pockets’s developer.
When requested about mUSD, MetaMask’s Senior Director of Product, Johann Bornman, told The Defiant that the stablecoin’s present dropped after its gain “temporary liquidity applications” ended. Bornman moreover eminent that the team is centered extra on building utility for mUSD in the pockets, and no more on the stablecoin’s temporary present, along with:
“It’s moreover crucial to illustrate that stablecoins come to market with very a style of product place cycles on the abet of them. Some possess many months of upstream development and iteration earlier than start, whereas MetaMask USD remains to be early in its post-start lifecycle (roughly four months in). That context materially impacts early adoption curves and circulating present at any given deadline.”
The Defiant reached out to Phantom and Bridge for comments on CASH’s quick enhance in present and utilization since start, however hasn’t heard abet by press time. Originally launched as a Solana pockets, Phantom now supports extra than one networks, along with Ethereum, Sui, and HyperEVM.
