Payments giant Stripe is moving deeper into digital assets with the launch of Open Issuance, a new platform from its subsidiary Bridge that allows businesses to create and manage their own stablecoins.
Bridge announced the service this week, describing it as a way for companies to issue tokens without depending on a handful of established stablecoin providers.
The company noted that the market is currently dominated by issuers such as Tether and Circle, whose scale and liquidity have made their tokens widely adopted; however, this has also limited businesses from shaping the economics and features of their own digital assets.
With Open Issuance, Bridge allows any company to mint and burn tokens without restrictions, customize reserve structures, and earn rewards on their holdings.
According to Bridge, companies will also gain access to a shared liquidity network that allows one-for-one swaps between Open Issuance stablecoins.
This interoperability is designed to address one of the biggest hurdles for new stablecoins: building liquidity from scratch.
Phantom, a crypto wallet with over 15 million users, is the first major client. The company has launched CASH, a native stablecoin that will power its money movement features, including payments, peer-to-peer transfers, and DeFi transactions.
Other tokens migrating to the platform include USDH, the Hyperliquid stablecoin, alongside coins linked to MetaMask, Dakota, Slash, Lava, and Takenos.
Bridge says businesses can launch a stablecoin in a matter of days, with the company handling security, reserve management, compliance, and liquidity.
Issuers will also be able to customize their tokens by selecting supported blockchains, smart contract functions, and backing reserves.
Reserves can include allocations in cash and U.S. Treasuries through partners such as BlackRock, Fidelity Investments, and Superstate.
The announcement comes just months after Stripe completed its acquisition of Bridge in February 2025, following initial reports of negotiations in October 2024.
Bridge co-founder Zach Abrams described the deal as an effort to scale “digital dollars to businesses everywhere,” while Stripe executives emphasized the role of stablecoins in powering cross-border payments.
Stripe has been steadily expanding its crypto capabilities. In June, it acquired wallet infrastructure startup Privy, a move that broadened its ability to offer end-to-end digital asset services.
In September, Stripe partnered with Visa and Fold to launch a Bitcoin rewards credit card, integrating Stripe’s issuing infrastructure with Visa’s global payments network.
With Open Issuance now live, Bridge says it plans to announce more stablecoin launches in the coming weeks.
The launch of Stripe’s Bridge division’s new platform for stablecoin issuance comes at a time when the industry competition is shifting from transaction throughput to control over payment channels.
The stablecoin market has surged past $290 billion, marking one of its strongest growth phases to date. Net inflows reached $56.5 billion over the past six months, with nearly $46 billion arriving in the third quarter alone, according to data from RWA.xyz.
Tether’s USDT led the rally, minting $19.6 billion in the last quarter, while Circle’s USDC followed with $12.3 billion. Synthetic dollar tokens also gained traction, with Ethena’s USDe adding $9 billion.
PayPal’s PYUSD and MakerDAO’s USDS brought in smaller but steady inflows. Ethereum remains the dominant chain for stablecoins, hosting $171 billion in supply, followed by Tron with $76 billion.
Despite rising inflows, usage metrics softened. Monthly active addresses dropped 22% to 26 million, and transfer volumes fell 11% to $3.17 trillion.
Still, analysts see momentum building. Citi recently raised its forecast, projecting the stablecoin market could hit $1.9 trillion by 2030 in its base case and as much as $4 trillion in a bullish scenario.
Policy changes are accelerating adoption. In the U.S., the GENIUS Act and Stable Act have created a federal framework requiring reserves, audits, and anti-money laundering controls for payment stablecoins.
Other jurisdictions are moving too; Australia has introduced licensing exemptions for stablecoin distributors, while the CFTC is studying their use as collateral.
In Europe, regulators remain cautious, warning that cross-border issuance may pose systemic risks.
