- Stripe’s Open Issuance allows businesses to mint and redeem their own stablecoins with just a few lines of code.
- Phantom launched CASH, the first stablecoin on Open Issuance, with mUSD for MetaMask and USDH coming soon.
Stripe launched Open Issuance, a platform built on Bridge technology, enabling firms to issue stablecoins with minimal code. The product permits minting, redemption, and management of custom tokens.
Treasury lines will be managed by BlackRock, Fidelity and Superstate, and Lead Bank will custody fiat liquidity. The platform offers conversion tools for interoperability across stablecoins.
Phantom issued CASH as the first token on Open Issuance. More tokens are expected, including mUSD and USDH. Open Issuance also allows programs that pay rewards to holders of a firm’s stablecoin. Companies can use those earnings to fund loyalty programs or incentives for customers.
Stripe introduced an Agentic Commerce Protocol, a shared standard connecting merchants with AI agents. The protocol supports the Instant Checkout feature inside ChatGPT and permits agents to complete purchases while preserving merchant control over pricing and fulfillment. Several partners are testing the protocol, among them Microsoft Copilot, OpenAI, and a set of developer platforms.
Stripe positioned Open Issuance and Agentic Commerce as parts of a broader payments update unveiled at a recent product tour in New York. The company also expanded billing tools to track usage-based fees tied to large language model calls, added a wallet supporting BNPL services, and extended fraud controls.
The firm emphasized regulatory compliance by routing treasury management through established institutional custodians. Accordingly, token issuers on the platform will operate with on-ramps and off-ramps tied to licensed banking partners.
Critics will watch how token rewards interact with securities rules and consumer protections. Meanwhile, businesses that process high volumes of transactions have a new set of tools to integrate programmable money and agent-led commerce into existing payment flows.
Issuers may route reserve earnings toward buybacks or funding, according to Stripe partners, providing flexible capital management options for merchants and issuers. Regulators will monitor disclosures and operational risk closely.
