Why a world with multiple stablecoins makes sense

The launch of Open Issuance, Bridge’s new platform for businesses to create their own stablecoin, has generated incredible engagement. Diverse businesses all over the world are interested in launching their own stablecoin for control, ability to earn rewards, and flexibility in design as they scale. Here is what we are hearing and why a world with many stablecoins makes sense.  

The current landscape

Stablecoins are already powering trillions of dollars of money movement a year. They make money feel as fluid and programmable as the internet itself. They move across borders in minutes, settle for pennies, run 24/7, and bypass the chokepoints of traditional banking. In countries with volatile currencies, they’re already helping people preserve significant value. The promise is simple: fast, low-cost financial flows that anyone can access.

But here’s the catch: most of the earnings stablecoins generate from reserves is concentrated in just a few stablecoin issuers. On the surface, the concentration looks efficient—liquidity is deep, integrations are familiar, and the brands are trusted. But when an outside issuer sits in the middle of your money, they control the economics, the rules, and ultimately, your roadmap.

What's at stake?

When you rely on third-party stablecoins, your product inherits their constraints. If they don’t support the chain, feature, or smart contract policy you need, you’re forced into delays or unsustainable workarounds. Over time, your roadmap bends to theirs.

On the economics side, legacy issuers capture the revenues generated from stablecoin reserves—often from billions sitting in treasuries. That value doesn’t flow to the platforms doing the hard work of growing users, handling money movement, and managing operations. Even when these issuers do share those revenues, they may also charge fees to withdraw funds. The result is a stablecoin rent that is unpredictable, opaque, and outside your control.

Consumers lose too. The rewards that could be used to lower fees or fund better product experiences stays upstream. Less reaches the people actually transacting and making stablecoins more ubiquitous. 

A better path: A multi-stablecoin world

Instead of the legacy issuers recreating the next oligopoly, imagine a world where platforms have the ability to launch a stablecoin that they control. In this new world, platforms leverage stablecoins that align to their users and product vision, maximize their economics and manage their costs. All together it’s a more resilient system where no single stablecoin is at the center. It’s not about adding complexity—it’s about moving away from a one-size-fits-all model toward one where users enjoy experiences tailored to their needs and context.

How Bridge is enabling this world today

With Open Issuance, any business now has the tools to launch a stablecoin. Businesses have the freedom to define key parameters, from reserve allocation to blockchain support. Behind the scenes, a shared network ensures interoperability, so end users never have to think about which stablecoin runs on which platform. By unlocking a multi-stablecoin world, we’re putting control back in the hands of participants, delivering better experiences for end users, and strengthening the resilience of the stablecoin ecosystem. Interested in building this future? Come talk with us.