Who controls it
Bridge issues CASH with Phantom branding, manages the dollar reserve and redemption framework, and retains the compliance and contract powers of a centrally administered payment stablecoin.
- Backing
- Dollar reserve assets held under Bridge’s stablecoin issuance framework.
- Holder’s claim
- CASH is an issuer-administered token claim; Phantom branding does not remove Bridge’s reserve and contract control.
- Redemption or sale
- Eligible users and partners redeem through Bridge-supported rails; wallet holders may instead use secondary liquidity.
Dependencies
- Bridge issuer and administrator
- Reserve banks and custodians
- Phantom distribution
- Supported chain contracts
Losses and incidents
- We found no control, reserve, or redemption incident in the sources we reviewed.
Advisor notes
Controlling party: Bridge, with Phantom as distribution and product partner. Check whether the client can redeem directly with the issuer. Holding the token on chain leaves every reserve, custody, contract, and legal dependency in place.
A named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force a review or a sale?
Sources
- CASH: Official site · primary
- DefiLlama: Stablecoins circulation dataset · secondary
Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.