Phantom puts Kalshi's prediction markets inside its wallet for US users, funded with its own stablecoin, as it switches off whole categories in three states while lawsuits proceed

The Phantom wallet now doubles as a prediction-market trading screen. Phantom started rolling out Kalshi's prediction markets to US customers on Friday, October 23, letting them buy and sell event contracts without leaving the app, The Block reported. Kalshi makes its full catalogue available and Phantom chooses which markets to show.

The money moves in stablecoins. Positions are funded from a Phantom Cash account in CASH, Phantom's dollar-pegged token; the funds go to Kalshi, where they are converted to dollars for settlement, and winnings come back the same way, per The Block; The Crypto Basic also described the CASH funding route. Users have to complete Kalshi's know-your-customer checks first. Phantom charges a $0.02 prediction-feed fee per contract plus a small network fee, shown before a trade is confirmed. Kevin Jacobs, Phantom's general counsel, said more ways to pay are coming.

The launch lands in the middle of a legal fight. Several states are suing over whether Kalshi's CFTC oversight puts its contracts beyond state gambling law, The Block noted. Phantom is blocking sports markets in Michigan, and sports, elections, politics and entertainment in Nevada, with Washington restricted further to exclude culture, science and technology, mentions and geopolitics, per The Block. Jacobs said the company's view is that the "CFTC's jurisdiction here is clear" and that it expects the US Supreme Court to decide the state disputes eventually. The CFTC gave Phantom a conditional no-action letter in March 2026 relieving it of broker registration, per The Block.

What happens next: the state restrictions can change as the court cases move, and Phantom says access will expand over the following weeks.