CASH vs mUSD: The Yin and Yang of the Stablecoin Race

RektRecovery · 2026-01-16T05:00:10+00:00

Recently, there has been a clear divergence in the stablecoin market. The supply of CASH stablecoin in Phantom Wallet has doubled, reaching nearly $100 million, while MetaMask's mUSD has shrunk significantly to $25 million, a decline of over 75%. This reflects differences in user demand and operational strategies, which is worth noting.

RektRecovery

2026-01-16 05:00:10

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【Crypto World】Recently, the stablecoin track has been quite interesting. The CASH issued by Phantom Wallet has seen a good rise in the past few months, with the supply increasing more than fourfold — from $25 million in September directly to nearly $100 million. In contrast, MetaMask’s mUSD hasn’t been as fortunate. In early October, it was approaching $100 million, but then it started to decline and has now shrunk to around $25 million, a drop of over 75%. The performance of stablecoins in the two wallet ecosystems is truly a tale of two extremes. Is this difference driven by users’ varying demand for stablecoins, or is it due to the operational strategies of the products themselves? It’s worth the attention of players.

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SchrodingerWallet

· 18h ago

Phantom this wave is indeed fierce, CASH has skyrocketed to some ridiculous levels... mUSD has shrunk by 75%, what is MetaMask thinking? Just looking at the data, the Phantom ecosystem must be something, otherwise why would CASH increase fourfold? This speed of mUSD... those who rushed out probably lost quite a bit, right? Is the operational strategy that different? Or is Phantom's wallet stickiness just really strong? Honestly, who still trusts stablecoins now? Feels a bit虚 (虚 means "虚" in Chinese, which can mean "虚" or "虚拟" in this context, but since the instruction is to translate all content, and "虚" is part of the original text, it should be kept as is. However, in English, it can be translated as "虚" as "虚" is a Chinese character. But the instruction says to translate all text content while preserving Chinese characters, so "虚" should be kept as is. But in this case, the sentence is "感觉都有点虚", which can be translated as "feels a bit虚" or "feels a bit虚". Since the instruction is to translate all text content, and "虚" is part of the original Chinese, it should be kept as is. So, the sentence would be: "Feels a bit虚".) Is Phantom's user base larger than MetaMask's? That comparison seems a bit unfair. Looks like we need to keep an eye on the wallet ecosystem; in the future, mainstream coins might really depend on ecosystem carrying capacity. With mUSD falling like this, holders must be feeling pretty心塞 (心塞 means "heart-sick" or "disappointed" in Chinese, but since the instruction is to translate all content while preserving Chinese characters, "心塞" should be kept as is). What's the logic behind CASH quadrupling? Has anyone analyzed it? The war between the two wallet ecosystems has just begun, this is just the appetizer. Stablecoins are heating up, and users are the real winners... What are you thinking? Users will always be the韭菜 (韭菜 means "leeks" but is used metaphorically for "retail investors" or "newbies" in crypto).

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GasFeeNightmare

· 18h ago

CASH is indeed impressive this time, while mUSD was cut in half. Is the gap in wallet ecosystems that big?

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BoredApeResistance

· 18h ago

Phantom really fought well this time, mUSD dropped from heaven to hell, hilarious --- How did mUSD end up like this... MetaMask still needs to reflect --- 4x increase vs 75% decline, this comparison is so ironic haha --- Basically, Phantom's user stickiness is stronger, right? mUSD is just a failed case --- The stablecoin track is really about who operates better; product strength is the key --- Why is Phantom's CASH so fierce? Need to dig deeper --- This wave of mUSD is so awkward, it was quite popular in October but then it gg --- The wallet ecosystem war is getting more and more interesting, using stablecoins to position

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BlockImposter

· 18h ago

CASH's recent surge is insane, mUSD is directly doomed, is the wallet ecosystem that bad?

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LightningSentry

· 18h ago

Phantom really took action this time. As CASH gains trust, users follow suit, and mUSD drops from 100 million directly by half... indicating that the gap in wallet ecosystems is indeed significant.

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CafeMinor

· 18h ago

The Phantom ecosystem is really active, but mUSD has directly underperformed in this wave.

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