Bridge stablecoin platform & Open Issuance by Bridge (Stripe): status and timeline

Bridge stablecoin platform & Open Issuance

Make stablecoins an everyday payment rail for ordinary companies, cutting the cost and delay of cross-border payments.

DeployStage 4 of 5

Live; issues tokens for Phantom, MetaMask and others. National trust bank charter conditionally approved.

Updated 17 Feb 2026Checked 11 Oct0 updates this week

Milestones

Next · Final national trust bank charter

Bridge founded by Zach Abrams and Sean Yu2022Complete.
$40M round led by Sequoia and Ribbit ($58M raised in total)Aug 2024Complete.
Stripe completes $1.1B acquisition6 Feb 2025Complete.
Open Issuance launches with Phantom CASH30 Sep 2025Complete.
Conditional OCC national trust bank approval12 Feb 2026Complete.
Final national trust bank charterNowCurrent milestone.

Most important updates

Current obstacles

Charter conditions to meetBridge must meet capital, liquidity and management conditions before the OCC grants a full charter.
Crowded fieldCircle, Paxos and bank-backed efforts like Open USD compete for the same issuers and payment flows.

Physics limits

A stablecoin is only as good as its reservesEvery token must be redeemable for a dollar. That needs safe, liquid assets held off-chain by banks and custodians, so trust rests on them, not on code.
Blockchains can't see the real worldA chain cannot confirm that a bank holds the reserves or who a user is; those checks happen off-chain through audits, licences and compliance.
Yield tracks interest ratesIssuers earn only what short-term Treasuries pay. When central-bank rates fall, the income that funds the business shrinks.

How it works

4 parts

Mint

Dollars in, tokens out

A customer's dollars go into reserves and an equal number of tokens is created on a blockchain; redeeming burns the tokens and returns dollars.

Reserves

Treasuries earn the yield

Reserves sit in short-term US Treasuries via managers such as BlackRock, Fidelity and Superstate; the interest is the issuer's revenue.

Swap

Tokens swap one-for-one

Every Open Issuance token can be swapped on-chain at par for another, so many branded coins can still share liquidity.

Rails

Accounts, cards and payouts

Virtual accounts, wallets and Visa cards connect tokens to bank transfers and card spending in many countries.

Spec sheet

Spec	Bridge stablecoin platform & Open Issuance
Annualised payment volume (Aug 2024)	Over $5B^R (reported)
Reserve yield for issuers (Sep 2025)	About 3-4% a year^R (reported)
OCC tier-1 capital condition	$45M^R (reported)
Stripe acquisition price	$1.1B^R (reported)

^R reported by the company

Update log

5 updates

About Bridge (Stripe)

The team behind Bridge stablecoin platform & Open Issuance

Bridge (Stripe)

Stablecoin APIs, Open Issuance, cards, wallets

Bridge builds the plumbing for businesses to move, hold and issue stablecoins through one API. Stripe bought it for $1.1B in February 2025. Its Open Issuance platform lets firms such as Phantom and MetaMask launch their own dollar tokens.

Stripe paid $1.1B (closed Feb 2025), one of the largest crypto acquisitions to that point.
Open Issuance (Sep 2025) powers Phantom's CASH, MetaMask's mUSD and Klarna's KlarnaUSD.
Won conditional OCC approval for a national trust bank charter in Feb 2026.

bridge.xyz (opens bridge.xyz)Company profile →

Founded: 20224 yrs
Headquarters: United States
Status: Subsidiaryof Stripe
Valuation: $1.1BStripe-ownedFeb 2025
Raised: $1.1B2 rounds
Last round: Acquired by Stripe · $1.1B6 Feb 2025
Works in: CryptoStablecoins & tokenization
Coverage: 1 program · 5 updateslatest 17 Feb 2026checked 11 Oct
Lead investors: StripeSequoiaRibbit Capital
Customers: Phantom (opens stripe.com)MetaMask (Consensys) (opens theblock.co)Klarna (opens finance.yahoo.com)
Acquired by: Stripe (opens thepaypers.com)
People: Zach Abrams (opens fortune.com)Co-founder & CEOSean Yu (opens fortune.com)Co-founder & CTO

Spec

Bridge stablecoin platform & Open Issuance

Annualised payment volume (Aug 2024)

Over $5B^R (reported)

Reserve yield for issuers (Sep 2025)

About 3-4% a year^R (reported)

OCC tier-1 capital condition

$45M^R (reported)

Stripe acquisition price

$1.1B^R (reported)

Bridge stablecoin platform & Open Issuance

Milestones

Most important updates

Current obstacles

Physics limits

How it works

Dollars in, tokens out

Treasuries earn the yield

Tokens swap one-for-one

Accounts, cards and payouts

Spec sheet

Update log

Tue 17 Feb

Tue 30 Sep 2025

Thu 21 Aug 2025

Thu 6 Feb 2025

Thu 29 Aug 2024

About Bridge (Stripe)

Current obstacles

Physics limits

How it works

Dollars in, tokens out

Treasuries earn the yield

Tokens swap one-for-one

Accounts, cards and payouts

Spec sheet

Update log

Tue 17 Feb

Tue 30 Sep 2025

Thu 21 Aug 2025

Thu 6 Feb 2025

Thu 29 Aug 2024

About Bridge (Stripe)