After debuting on September thirtieth, the native stablecoin of self-custodial Web3 pockets Phantom Money (CASH) not too long ago crossed the $100 million mark in provide, in accordance with Artemis information.
provide of money. Supply: Artemis
Provide acceleration seems to be pushed by each product design and on-chain incentives. In mid-November, Phantom launched a fee-free “money account” that allows on the spot financial institution funding, peer-to-peer transfers, and debit card integration by stablecoin issuers Bridge and Stripe.
Protocol-level incentives additionally drove demand additional. Camino, one in every of Solana’s largest liquidity suppliers, launched the “CASH Progress Initiative” in partnership with Phantom in early October, providing weekly and month-to-month KMNO rewards for lending and borrowing in CASH.
Collectively, these activations led to a parabolic improve within the variety of CASH transactions, which jumped to roughly 162,000 on November 25, in accordance with Artemis information.
Money transaction quantity. Supply: Artemis
MetaMask’s MUSD additionally reaches $100 million
In the meantime, fellow Web3 pockets MetaMask’s personal stablecoin MetaMask USD (mUSD), a USD-pegged stablecoin additionally issued by Bridge and backed by short-term U.S. Treasuries and money reserves, briefly exceeded $100 million in provide in early October, in accordance with information from Dune Analytics. Since then, nevertheless, its circulation has declined and is now valued at round $25 million.
MetaMask USD provide. Supply: Dune Analytics
In contrast to CASH, mUSD, which additionally launched in September, is barely out there on Ethereum and Linea, layer 2 networks constructed by pockets developer ConsenSys.
When requested about mUSD, MetaMask’s senior director of product Johan Bornmann instructed The Defiant that the stablecoin’s provide has decreased after its personal “short-term liquidity program” ended. Bornman additionally famous that the staff is concentrated on constructing the utility of mUSD in wallets reasonably than short-term provide of stablecoins, including:
“It is usually vital to notice that stablecoins come to market by very totally different product construct cycles. Whereas some stablecoins mirror many months of upstream growth and iteration earlier than launch, MetaMask USD remains to be within the early levels of its post-launch lifecycle (roughly 4 months). Its standing has a big influence on the preliminary adoption curve and circulating provide at any given level.”
Defiant reached out to Phantom and Bridge for touch upon the speedy improve in CASH provide and utilization since launch, however didn’t obtain a response by press time. Initially launched because the Solana pockets, Phantom now helps a number of networks together with Ethereum, Sui, and HyperEVM.
