Open Issuance lets businesses run their own stablecoin

Businesses are increasingly using stablecoins for payments, treasury management, and broader financial services. But until now, most have been building on top of stablecoins issued by a small number of external providers. That means they don't share in the economics, face unpredictable fees, and are tied to another company's product roadmap.

Bridge's new Open Issuance platform is designed to change that. It lets any business launch and manage its own stablecoin—controlling the product experience, minting and burning without caps or extra fees, and earning rewards from the reserve. Issuers plug into a shared liquidity network rather than depending on the incumbent issuers.

The platform is aimed at crypto platforms that want to control their own economics, fintechs adding stablecoin store-of-value features, enterprises optimizing treasury operations with yield, and banks exploring stablecoin strategies across product lines.

First deployments and customization options

Open Issuance is already in production. Phantom, a crypto wallet with more than 15 million users, is launching its own stablecoin, CASH, on the platform. CASH will be the basis for Phantom's money movement features—users can spend, send to friends, use it in DeFi, or convert it to fiat and other stablecoins. Existing Bridge-issued coins are also moving over, including USDH from Native Markets (the Hyperliquid native stablecoin) and coins from MetaMask, Dakota, Slash, Lava, and Takenos.

A stablecoin can be launched in a few days, with Bridge handling reserve management, security, liquidity, and GENIUS-ready compliance. The platform ships with simple defaults, but nearly every aspect can be customized:

  • Which blockchains the coin supports
  • Smart contract functionality
  • Reserve composition, balanced between cash and treasuries through partners including BlackRock, Fidelity Investments, and Superstate

Bridge is also building adoption tooling—onramps, offramps, wallets, cards—with partners including Privy and Stripe.

Interoperability solves the liquidity problem

New stablecoins typically face a chicken-and-egg liquidity problem. Open Issuance addresses that by making coins interoperable: businesses can enable a one-for-one swap with other Open Issuance stablecoins. As more coins launch, the network's overall liquidity grows. The swap capability is live in the Bridge API today.

For example, a user holding $10 in Phantom CASH who wants USDH would previously have had to go through an exchange, offramp to USD, and buy USDH—paying multiple fees along the way. With Open Issuance interoperability, that swap becomes an instant, permissionless, onchain transaction with no intermediary.

Roadmap

Bridge says more stablecoin launches and platform design details will be announced in the coming weeks. Companies interested in launching their own stablecoin can contact the team.