Trust Wallet is adding an old-school onramp to a self-custody wallet: cash.
In a new announcement, Trust Wallet said it has launched Cash Deposits for users in the United States, letting people deposit physical cash at nearby retail locations and receive crypto directly into their Trust Wallet after confirmation. The feature is powered by Coinme, which Trust Wallet describes as a licensed cash-to-crypto provider.
How it works inside the app
Trust Wallet is trying to make the flow feel familiar: open the app, go to Fund → Deposit Cash, pick the asset, and complete Coinme’s signup. Trust Wallet says Coinme requires an account (email + phone number) and identity verification.
After that, users enter the amount, choose a location, generate a barcode, and show it to the cashier. Trust Wallet says crypto typically lands in about ~10 minutes after the cash deposit is confirmed, though it notes confirmation times can vary by network.
What Trust Wallet is emphasizing: self-custody, not a custodial balance
The company’s main positioning is that there’s no bank account required, no card needed, and no “wallet balance” held on a user’s behalf after the deposit. Once confirmed, the crypto is delivered straight into the user’s self-custody wallet, where the user controls the funds.
Trust Wallet also says supported assets include stablecoins, Bitcoin (BTC), Solana (SOL), and more, with the exact list shown in-app during checkout.
Availability and fees
Trust Wallet says Cash Deposits is currently available across 48 U.S. states and Puerto Rico, with supported retail locations shown in the app. In a disclaimer line, it also states service is available in 49 U.S. states (excluding New York) — a small inconsistency in how coverage is described.
On pricing, Trust Wallet says Coinme charges a 4% service fee plus a $3.95 transaction fee per deposit, and that the total (including fees) is shown before confirmation. Additional blockchain network fees may apply depending on the asset and chain used.
Why this feature exists at all
The pitch is aimed at a specific reality: millions of people in the U.S. are paid partially or fully in cash, and converting that cash into something usable online can be slow, expensive, or dependent on intermediaries. Trust Wallet is framing Cash Deposits as a direct bridge from cash to “digital money” (its term for crypto), especially for users who don’t have — or don’t want to rely on — a bank account.
Why it matters for crypto
- Crypto onramps are widening beyond banks. Cash deposits give self-custody wallets a way to onboard users who are underbanked or prefer cash-first financial habits.
- It pushes self-custody into everyday rails. Trust Wallet is explicitly pitching “cash in, crypto out” without a custodial balance sitting in the middle.
- Stablecoins stay the practical use case. Trust Wallet highlights stablecoins alongside BTC and SOL, aligning the feature with payments and value transfer as much as investing.
- Fees will shape adoption. A 4% service fee plus $3.95 per deposit is meaningful—especially for smaller, frequent cash conversions.
What to watch next
- Whether Trust Wallet clarifies the state-by-state coverage (48 states + Puerto Rico vs. “49 excluding NY”) and expands into remaining jurisdictions.
- Expansion of supported assets and networks inside the checkout flow, especially stablecoin options and low-fee chains.
- How Coinme’s identity verification requirements affect the target audience Trust Wallet is aiming for (cash users without bank rails).
- Competitive responses from other mainstream wallets adding cash-based onramps at national scale.
Source: Trust Wallet Blog