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Stripe Launches Open Issuance for Branded Stablecoins as Phantom Debuts CASH on Solana

Stripe pitches issuer‑controlled digital dollars as a mainstream payments primitive through pooled liquidity and institutional reserve partners.

Patrick Collison, chief executive officer and cofounder of Stripe
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Overview

  • Stripe’s Open Issuance, built on its $1.1 billion Bridge acquisition, lets companies mint and redeem customizable dollar‑pegged tokens with minimal code and swap 1:1 across participating coins.
  • Phantom’s CASH is the first live issuance and powers the new Phantom Cash app on Solana, with limited early access and support for Apple Pay, Google Pay, Visa, instant funding, cards and peer payments.
  • A shared liquidity cohort is migrating onto the network, including Hyperliquid’s USDH and MetaMask’s mUSD, plus tokens from Dakota, Slash, Lava and Takenos.
  • Issuers select reserve mixes of cash and U.S. Treasuries, with custody and asset management handled by partners such as BlackRock, Fidelity, Superstate and Lead Bank.
  • Stripe also introduced its Agentic Commerce Protocol with OpenAI to enable merchant transactions with AI agents, with Microsoft Copilot and Anthropic participating in tests.