Stripe's crypto subsidiary, Bridge, has unveiled Open Issuance, a platform enabling businesses to create and manage their own stablecoins with full customization and shared liquidity networks.
The service, announced this week, allows companies to issue tokens without depending on dominant providers like Tether and Circle, addressing limitations in control and economics. Businesses can mint and burn tokens freely, customize reserve structures (including cash and U.S. Treasuries through partners like BlackRock and Fidelity), and earn rewards on holdings, while Bridge handles security, compliance, and liquidity.
Phantom Wallet, with over 15 million users, is the first major client, launching its native stablecoin CASH for payments, peer-to-peer transfers, and DeFi transactions. Other tokens migrating to the platform include USDH from Hyperliquid, alongside stablecoins linked to MetaMask, Dakota, Slash, Lava, and Takenos.
The platform features a shared liquidity network for one-for-one swaps between Open Issuance stablecoins, enhancing interoperability and reducing initial liquidity hurdles. Businesses can launch a stablecoin in days, with customizable blockchains, smart contract functions, and reserve allocations.
This move follows Stripe's acquisition of Bridge in February 2025, after initial negotiations in October 2024, as part of Stripe's broader crypto expansion, including the acquisition of Privy and a partnership with Visa for a Bitcoin rewards card.
The stablecoin market has surged past $290 billion, with net inflows of $46 billion in Q3 2024 alone, led by USDT ($19.6 billion) and USDC ($12.3 billion). Policy changes, such as the GENIUS Act in the U.S., are accelerating adoption, with Citi forecasting the market could reach $1.9 trillion by 2030.
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