Your crypto is not stored inside Phantom. It is stored on the blockchain. Phantom stores the keys and recovery information that let you access and manage those assets.
Think of your public key as a mailbox address. Anyone can send funds to it if they know the address. Your private key proves ownership of that address and authorizes transactions.
Phantom securely stores your private keys locally on your device. When you set up your wallet, you also get a Secret Recovery Phrase (12 words), which can restore access to your wallet and its private keys. If you created your wallet with Google or Apple, your Secret Recovery Phrase is secured through your account and a four-digit PIN.
Warning: Do not share your Secret Recovery Phrase or private key with anyone. If someone has access to either, they will have full control of your wallet. Phantom Support will never ask for your recovery phrase or private key.
There are two places you might see funds in Phantom:
- Your Phantom wallet, where you hold crypto assets like SOL, ETH, BTC, USDC, and NFTs across supported networks.
- Your Phantom Cash account, where you hold USD value as the CASH stablecoin on Solana.
Phantom wallet
Assets in your wallet are held onchain, not in a Phantom-controlled account like a bank or exchange. Each account in your wallet includes addresses on supported networks such as Solana and Ethereum, and the assets remain on those networks. Controlling your keys means controlling your funds.
Phantom Cash account
Your Cash balance works the same way. Even if the funds started as a bank transfer or debit card payment, they are converted to the CASH stablecoin on Solana and held onchain in your wallet, not in a Phantom-controlled bank account.