Phantom enabled access to Kalshi prediction markets for its U.S. users on October 23, 2026, as reported by The Block. The integration allows platform clients to trade contracts based on forecasts and event outcomes directly from the application interface.
The company stated it feels confident and comfortable with the product launch in the U.S. territory, despite active legal disputes facing these financial instruments. The deployment was executed with conditions, implementing geographic barriers in several state jurisdictions.
Funding via the CASH stablecoin
Phantom users must fund their market transactions using CASH, a stablecoin designed to maintain a fixed valuation. This digital asset acts as the currency of account and settlement for buying and selling positions in the contracts offered by Kalshi.
The use of this tokenized mechanism restricts exchange operations to this specific asset, linking the platform's predictive activity to the stablecoin operating environment.
Operational restrictions in three states
Service availability is not uniform across the United States. Phantom has established market restrictions in the states of Michigan, Nevada, and Washington, according to data released by The Block.
These exclusions prevent users located in those jurisdictions from accessing trading on Kalshi markets, limiting the commercial reach of the tool to territories where the company maintains its operational coverage.
Judicial environment and company stance
The launch occurs at a time marked by state-level lawsuits in the United States regarding the operation of prediction markets. These litigations analyze regulatory limits and the oversight applicable to platforms that trade event-linked derivative contracts.
Faced with this judicial scenario, Phantom has formally backed the initiative, expressing confidence in the legality and suitability of the deployment in the U.S. market without halting the launch outside of restricted zones.
The key point to monitor moving forward lies in the rulings issued by courts regarding ongoing state lawsuits and their impact on service continuity or a potential expansion of blocked states.
