According to news from Mars Finance and a report by The Defiant, after the launch of the self-custody Web3 wallet Phantom's native stablecoin CASH on September 30, the issuance has exceeded 100 million USD in just two months. The growth is mainly attributed to product design and on-chain incentive programs. In mid-November, Phantom launched a no-fee CASH account, supporting instant bank transfers, P2P transfers, and card integration. One of Solana's major liquidity providers, Kamino, also partnered with Phantom to launch the CASH growth program in early October, providing KMNO token rewards. These measures resulted in the CASH transaction volume soaring to nearly 162,000 transactions on November 25. In contrast, although MetaMask's stablecoin mUSD also surpassed 100 million USD in October, its current supply has fallen back to about 25 million USD.