Phantom’s stablecoin, Cash (CASH), has quickly surpassed $100 million in supply just two months after its launch on September 30. The surge in supply can be attributed to a combination of user-friendly product features and incentives. In mid-November, Phantom rolled out a fee-free “Cash Account” that allows users to fund their accounts instantly, make peer-to-peer transfers, and integrate with debit cards through partnerships with Bridge and Stripe. This convenience has clearly resonated with users. On top of these features, Phantom has also partnered with Kamino, a major liquidity provider on the Solana network, to launch the “CASH Growth Initiative.” This initiative rewards users with KMNO tokens for lending and borrowing using CASH. As a result, the number of CASH transactions skyrocketed, hitting nearly 162,000 on November 25. In contrast, MetaMask’s stablecoin, MetaMask USD (mUSD), briefly reached a supply of over $100 million in early October but has since dropped to around $25 million. MetaMask’s Senior Director of Product, Johann Bornman, attributed this decline to the end of their short-term liquidity programs. Unlike CASH, mUSD is limited to Ethereum and Linea, which restricts its reach compared to Phantom's broader network support that includes Ethereum, Sui, and HyperEVM.