CASH

Open Issuance by @Stablecoin is one of the most important primitives to ship in years. Any business can launch its own stablecoin in days, keep the yield, and share it with every partner. But this model introduces a new problem for issuers: onchain attribution. To distribute yield and generate the correct documents, an issuer needs to know how much in stablecoins they held, and for how long. If multiple partners distribute your stablecoin and each earns yield on what they originate, you need to figure out who gets credit for every token so you can accurately disperse yield back to them. On high-throughput chains like Solana, tokens quickly intermingle: – millions of onchain events happen daily – ownership constantly changes; mints, transfers, burns, DeFi interactions (lending, liquidity pools, etc.) also need to be considered – still needs to be auditable and traceable back to onchain data The attribution model also matters. FIFO vs LIFO vs hybrid vs ... can mean millions in payout differences. Every decision has to be fully auditable. With USDC or USDT, compliance lives at Circle or Tether. They handle the reporting, audits, and reconciliation burden. Open Issuance moves some of this responsibility to the issuer. Sure the yield is yours, but so is the accounting. $CASH by @phantom was the first to launch on Open Issuance and is currently the largest by market cap ($120M). To solve this onchain attribution problem, Phantom built their attribution engine on Goldsky Turbo Pipelines. In under two weeks, we built a custom ingestion engine for CASH that piped Solana data directly into Phantom's Snowflake warehouse where they run their models and calculations. This setup allowed them to quickly iterate through 6 different attribution logic models without touching any infra. This means the cost of iterating with historical data going back to genesis block was essentially zero. Tradfi firms have entire teams for exactly this problem. Phantom now saves 40+ hours on reconciliation every month, and uses it to expand CASH :) Full story here: goldsky.com/case-studies/pha…