Stripe, through its Bridge platform, launched a service that allows companies to issue and manage their own stablecoins. The first user of the platform is Phantom, with the CASH token.
Stripe, a provider of online payment solutions, introduced Open Issuance, an infrastructure solution that gives businesses full control over the issuance and circulation of corporate stablecoins. The service removes reliance on a limited set of external issuers, enables minting and burning of coins without limits or fees, and allows earning yield on reserves.
Open Issuance is aimed at a wide range of participants, including:
- crypto platforms;
- FinTech services;
- corporations with global treasury operations;
- banks testing stablecoin use.
The service’s settings allow selection of the blockchain network, smart contract functionality, and reserve structure, including balancing between cash and treasury securities via partners such as BlackRock, Fidelity Investments, and Superstate. Bridge handles liquidity, security, and compliance management, reducing the time to launch a new asset to just a few days.
The first users of Open Issuance are crypto wallet provider Phantom, which issued the CASH stablecoin via the service. The token will serve as the foundation for the wallet’s native payment use cases, including P2P transfers, payments, and conversion to fiat or other stablecoins. Previously issued Bridge assets are also migrating to the platform, including USDH, the native Hyperliquid stablecoin from Native Markets, as well as stablecoins from MetaMask, Dakota, Slash, Lava, and Takenos.
A key advantage of Open Issuance is built-in liquidity. All stablecoins issued through the service are compatible with each other and exchangeable at a 1:1 ratio. The cross-swap function is already operational via the Bridge API. This allows users, for example, to instantly swap $10 in Phantom CASH for $10 in USDH in a single on-chain transaction, without intermediaries or extra fees.
Stripe confirmed that in the coming weeks it’ll announce new launches on Open Issuance and reveal additional architectural details of the service. The company emphasizes that businesses will gain control over their product economy and access to scalable liquidity, accelerating the growth of corporate stablecoins and simplifying their widespread adoption.
Stripe began testing a new payment solution based on dollar-pegged stablecoins on the Bridge network in April 2025.
