Stripe Unveils Open Issuance Platform for Custom Stablecoins

Edyme

September 30, 2025

Open Issuance seeks to address those issues by allowing any company to issue its own stablecoin, manage reserves, and directly benefit

Stripe has announced Open Issuance, a new platform developed by its crypto infrastructure partner Bridge, designed to let businesses create and manage their own stablecoins.

The move signals a shift away from reliance on a few dominant issuers and aims to open up the economics of stablecoin issuance to a broader set of players.

Moving beyond traditional issuers

In its September 30 blog post, Stripe highlighted how stablecoins are rapidly becoming a core tool for businesses managing payments, treasury operations, and cross-border services.

However, the firm noted that most companies today depend on external issuers like Tether or Circle. While convenient, this dependence means businesses face fees, limited control, and roadmaps dictated by third parties.

Open Issuance seeks to address those issues by allowing any company to issue its own stablecoin, manage reserves, and directly benefit from yield on those reserves.

“With its own stablecoin, a business can control its product experience, mint and burn without limits or unnecessary fees, and earn rewards from reserves,” Bridge wrote in the announcement.

Potential adopters range from crypto platforms and fintech startups to banks and large enterprises. Early adopters include Phantom, the Solana-based crypto wallet with over 15 million users, which will issue a new token called CASH via the platform.

Other coins like USDH from Hyperliquid and stablecoins tied to wallets such as MetaMask and Dakota are also set to migrate to Open Issuance.

A shared liquidity network

Launching a new stablecoin often comes with the challenge of building liquidity, but Open Issuance integrates a built-in liquidity layer. Stablecoins issued on the platform can be swapped one-to-one with each other, creating a shared network effect.

For instance, a user holding Phantom’s CASH could directly swap it for USDH without going through an exchange or paying extra fees, something Bridge says is already live via its API.

Businesses will also have flexibility in customizing their stablecoin, including reserve composition (cash, treasuries, or both), supported blockchains, and smart contract functionality. Reserve partners such as BlackRock, Fidelity, and Superstate are already lined up to support issuance.

Stripe and Bridge see this as the start of a new wave of stablecoin adoption. More issuers are expected to be announced in the coming weeks as Open Issuance expands into a full network of interoperable tokens designed for everyday financial use.