Loading
Introduction: A Major Expansion in Crypto Access
Trust Wallet — one of the world’s largest self-custody cryptocurrency wallets with over 220 million users — has announced a major new feature called Cash Deposits that lets users convert physical cash into cryptocurrency and digital assets directly inside the app. This is a significant development that reduces reliance on banks, debit cards, or traditional exchange on-ramps and opens the digital asset space to people who rely largely on cash for everyday use.
Traditional banking infrastructure has long been a barrier to crypto access, especially for underbanked populations, people without bank accounts, or those whose financial lives are primarily cash-based. With Cash Deposits, users can take physical currency and turn it into crypto like stablecoins, Bitcoin (BTC), Solana (SOL) and more — all within Trust Wallet — without needing a bank account or custodial balance.
This feature was launched in the United States and Puerto Rico and is supported in 48 of 50 U.S. states (excluding New York and Vermont) with stablecoin services temporarily not available in Texas.
What is Trust Wallet’s Cash Deposits Feature?
At its core, Cash Deposits is a cash-to-crypto on-ramp that integrates physical cash deposits into the Trust Wallet app. It is designed to bridge the gap between offline, cash-based economies and digital blockchain networks.
Instead of requiring users to:
have a bank account
use debit or credit cards
rely on custodial exchanges
Trust Wallet lets users inject real cash directly into digital finance by visiting supported retail locations and making a cash deposit that results in receiving cryptocurrency in their self-custody wallet within minutes.
The service is powered by Coinme, a licensed and regulated crypto infrastructure platform with a nationwide network of over 15,000 retail locations where users can make cash deposits.
How Cash Deposits Works (Step-by-Step)
Here’s how the Cash Deposits process works in Trust Wallet:
Open Trust Wallet Users first make sure they have the latest version of Trust Wallet installed. You can find information about the app and download links at the official site: – Trust Wallet website link: https://trustwallet.com
Select Funding Method Within the wallet, the user selects Fund → Deposit Cash.
Choose Asset and Location Users choose the asset they want to receive (for example, stablecoins like USDC, or major cryptos like BTC or SOL) and their location.
Create a Coinme Account Coinme requires basic onboarding that includes an email, phone number, and identity verification to comply with regulations.
Generate Deposit Barcode A barcode is generated in-app that the user takes to the cashier at the selected retail location.
Deposit Physical Cash The cashier scans the barcode and accepts the cash deposit.
Receive Crypto Cryptocurrency is delivered directly into the user’s Trust Wallet — usually within about 10 minutes after the deposit is confirmed.
This process is notable for its ease and speed compared with traditional on-ramps that require bank transfers or card payments which can take days to complete and often incur higher fees.
The Technology Behind Cash Deposits
Trust Wallet’s Cash Deposits feature is made possible through a backend partnership with Coinme, which provides the infrastructure to convert cash to crypto and deliver it into decentralized wallets.
Coinme:
is a licensed crypto service provider
operates a cash-to-crypto network across thousands of physical locations
handles compliance and KYC requirements
By integrating Coinme’s workflow directly into Trust Wallet, the conversion happens inside the app without redirecting users to a custodial exchange. This ensures that:
Users retain control of their private keys
Trust Wallet never holds custody of user funds
Deposits are directly credited to the user’s self-custody wallet address once confirmed on-chain.
Why This Matters: Financial Inclusion and Accessibility Reaching the Underbanked
Millions of people in the U.S. rely on cash — whether for wages, daily spending, or local commerce — and many don’t have access to traditional banking services. Trust Wallet’s Cash Deposits feature directly addresses this by providing a bank-less pathway into crypto and digital finance.
For gig workers, service industry employees, immigrants, or others who may not maintain bank accounts, this tool provides an on-ramp into:
digital savings
remittances
decentralized finance (DeFi) tools
blockchain applications and NFTs
Reducing Dependence on Intermediaries
Traditional ways of converting cash into digital assets often involved middlemen such as:
money transfer services
custodial exchanges
bank transfers
These can introduce cost, delay, and loss of financial sovereignty. Cash Deposits removes these intermediaries, allowing faster settlement (minutes instead of days) and reducing the number of hands through which funds pass.
Faster Access, Lower Complexity
Because Cash Deposits deposits result in crypto arriving directly in a self-custody wallet with blockchain confirmation, users can use their assets immediately for:
transfers
payments
DeFi activities
peer-to-peer transactions abroad
This speed is particularly meaningful for remittances, where traditional services can charge high fees and take days to settle payments.
Assets Supported
At launch, the app supports a range of digital assets, including:
stablecoins (such as USDC or other fiat-pegged tokens)
Bitcoin (BTC)
Solana (SOL) … and potentially other cryptocurrencies where available in the in-app selection. Supported assets are visible in the app during checkout and may expand over time.
Geographic and Regulatory Scope
Trust Wallet’s Cash Deposits feature is currently available:
across 48 U.S. states
Puerto Rico
excluding New York and Vermont due to regulatory constraints
stablecoin purchasing not available yet in Texas
These limitations reflect varied state-level regulations governing digital assets and crypto services. Trust Wallet displays supported retail locations in-app before users initiate a deposit, helping them confirm availability locally.
Fees and Costs
There are a few types of fees involved:
a service fee of approximately 4%
a fixed transaction fee of about $3.95 per deposit
additional blockchain network fees depending on the chosen asset and its respective chain
All fees are displayed in the wallet’s checkout flow before users complete their deposit, allowing for transparency before committing to a transaction.
Cash Deposits vs Traditional On-Ramps
To understand the significance of Cash Deposits, it’s useful to compare it with more traditional on-ramps:
Bank Transfers
Bank transfers usually require an account
Settlements can take 1–3 days
Not accessible to unbanked users
Card Purchases
Debit or credit cards require linkage and banking relationships
Often incur high fees
May not be available to all users
Exchange On-Ramps
Many exchanges are custodial
Users must trust a third party with funds
Conversions introduce additional custody and risk layers
By contrast, Cash Deposits:
works with physical cash
has faster settlement
maintains self-custody
avoids third-party custody of funds post-transaction
This makes it notably different and more accessible for many users seeking to enter the crypto ecosystem.
Security and Control
Trust Wallet emphasizes self-custody, meaning users retain control of their private keys and funds. Trust Wallet does not hold user assets on behalf of users, only the keys necessary for the user to manage them.
Private keys are stored locally on the user’s device, and the cash-to-crypto process does not change custody — the crypto lands directly into the user’s own wallet address once confirmed.
This also means that users need to take standard crypto security precautions:
keep their recovery phrase safe
avoid phishing or scam links
use secure devices for wallet access
Trust Wallet’s official security advice and wallet download pages can be found at: – Trust Wallet security recommendations: https://trustwallet.com/security
Broader Context: Trust Wallet’s Evolving Ecosystem
Trust Wallet has become a hub for Web3 activity, allowing users to:
store and manage crypto and NFTs
access decentralized applications (dApps)
buy, sell, and stake assets for rewards
integrate stablecoins and other tokens
Trust Wallet’s blog and announcements page provides ongoing updates: – Trust Wallet blog and updates: https://trustwallet.com/blog
This Cash Deposits launch represents a new frontier in that evolution — moving beyond online digital purchases or exchange on-ramps into offline U.S. retail cash to digital asset conversion.
Use Cases: Who Benefits Most? Underbanked and Cash-Dependent Users
For millions of people who rely on cash for wages or everyday transactions, Cash Deposits provides a path to:
enter crypto without banks
save in stablecoins or digital assets
send value internationally without high remittance costs
Remittances
Remittance flows — especially among migrant communities — are a key use case. Cash Deposits paired with cross-border crypto transfers can reduce cost and time compared to traditional remittance channels.
Everyday DeFi Users
For people already in the crypto ecosystem, converting cash to crypto instantly can serve:
DeFi participation
liquidity provision
transfers and payments
Future Possibilities and Expansion
As this feature rolls out more broadly and gains adoption, potential future expansions could include:
support in additional countries
integration with QR-based stablecoin payments (similar to other Trust Wallet initiatives)
additional retail partnerships beyond Coinme’s current network
expanded asset support beyond the initial selection
more localized cash-to-crypto pathways in regions with high cash use
Limitations and Considerations
Even with its advantages, Cash Deposits is not without limitations:
It currently covers only U.S. states and Puerto Rico
Fees may be considered high for large or frequent deposits
Stablecoin purchases are restricted in some states
Blockchain network congestion can affect settlement time
Users should consider these factors when planning how and when to use this feature.
Conclusion: A Milestone in Crypto Accessibility
Trust Wallet’s Cash Deposits feature represents a breakthrough in crypto access by enabling users to convert physical cash into digital assets without bank accounts or custodial intermediaries. By leveraging Coinme’s retail network and integrating the experience directly into the wallet, Trust Wallet has created one of the most widely accessible on-ramps into decentralized finance for cash-based users.
This feature not only simplifies entry into crypto but also supports financial inclusion, faster remittances, and broader participation in Web3. As Trust Wallet continues to expand its features and global footprint, Cash Deposits could serve as a template for bringing similar capabilities to other regions and economies around the world.
For full details and official updates, you can explore Trust Wallet’s announcements and resources:
Trust Wallet official homepage: https://trustwallet.com
Trust Wallet official blog: https://trustwallet.com/blog
Cash Deposits announcement page: https://trustwallet.com/blog/announcements/introducing-cash-deposits-on-trust-wallet-turn-cash-into-digital-money
Trust Wallet security guidance: https://trustwallet.com/security
Trust Wallet documentation and support: https://trustwallet.com/support