Stripe Announces Open Issuance, Names Phantom Wallet's $CASH Stablecoin

Stripe has announced it is releasing Open Issuance, a product for clients to issue their own branded stablecoins, as well as naming the first stablecoin built on top of the platform for Phantom Wallet called $CASH.

Stripe Unveils Open Issuance - A Stablecoin Issuance Platform

The global payments platform has announced a major update from the Bridge team. Called Open Issuance, the new product enables clients to control issuance of their own native stablecoin, features included, as well cash in any incentives throughout.

The company's statement expresses this clearly:

Open Issuance is a new platform that allows any business to launch and manage its own stablecoin. With its own stablecoin, a business can control its product experience, mint and burn without limits or unnecessary fees, and earn rewards from reserves.

Importantly, specifics that seem to be customisable include: supply to be minted, networks to be adopted, smart contract features, as well as the basket of reserves used. It is also implied that there will be further tools to help businesses roll this out to customers.

The long-term strategy is to enable individual stablecoins issued from the platform to become interoperable with one another, as companies of each stablecoin will be able to select compatibility for swapping the balance of one for another.

Phantom Wallet Named As First Client With $CASH Stablecoin

Stripe has also revealed that Phantom Wallet, named earlier as one of the first infrastructure partners to be working with Tempo, was the first to use the Open Issuance platform for their own in-wallet stablecoin called $CASH, available on Solana.

According to Phantom's blog, this will be used to ensure that crypto transfers for Phantom users becomes effortless, including for funding bank and virtual accounts, sending P2P via Phantom usernames, via a Phantom debit card and more.

Other than growing the supply and contribution of stablecoins to the Solana ecosystem, which recently passed its $14B mark, $CASH holders may be able to pay with the stablecoin on checkout across a variety of global merchants already using Stripe.