• Stablecoin-as-a-Service lets any business issue stablecoins, lowering entry barriers and expanding use cases across industries.
• Stripe, Ethena Labs, and BitGo join the SCaaS wave, with customizable reserves and white-label tools fueling tailored adoption.
• Risks include liquidity fragmentation, opaque reserves, and regulatory shifts that could undermine confidence in SCaaS models.

With the Stablecoin-as-a-Service (SCaaS) model, any business or platform can issue its stablecoin without building a complex infrastructure.

The opportunity is vast, but it comes with risks of liquidity fragmentation, reserve transparency, and evolving global regulatory frameworks.

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Anyone Can Issue Stablecoin

Data from CoinGecko shows that the stablecoin segment currently has a market capitalization of around $306 billion and 355 different coins. Although quite popular today, not everyone can issue and manage stablecoins effectively.

However, a new stablecoin model allows businesses, platforms, or organizations to issue and manage stablecoins without building the entire infrastructure from the ground up.

This model includes standardized mint/burn, customizable reserve mechanisms and fees, and third-party operating interfaces. This is Stablecoin-as-a-Service (SCaaS).

The most recent example is Stripe’s Open Issuance program (launched in September 2025). It enables businesses to mint/burn stablecoins freely and customize fees and reserve allocations while sharing profits from yield after a certain fee. Ethena Labs provides a white-label solution for applications or blockchains. Tech giants like Google have reportedly tested a payment protocol for AI agents using stablecoins, while custodians such as BitGo have also entered the market.

“Stripe announces Stablecoin as a Service. Any company can deploy stablecoins with just a few lines of code. BlackRock, Fidelity, or Superstate manages reserves. An X user commented about Stripe’s SCaaS.

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The SCaaS model lowers entry barriers by allowing virtually any business to issue its stablecoin. It also supports tailored stablecoins for specific products or target markets and gives wallets/exchanges/chains additional tools to distribute products with yield potential.

Some users on X argue that SCaaS will become increasingly important as stablecoins become commodities and distributors (wallets, exchanges, chains) seek yield opportunities. Others suggest that SCaaS could be a lifeline for many blockchains struggling to achieve token-market-fit.

High Potential, High Risk

Nonetheless, the risks are significant. Multi-issuance models create the possibility of liquidity fragmentation. For instance, multiple “USD-pegged” stablecoins may coexist but differ in reserves, transparency, or redemption reliability.

Market dynamics could turn SCaaS into a yield-driven bet: issuers might optimize reserve profits to stay competitive, sometimes taking on liquidity risks or investing in less liquid assets. This leaves vulnerabilities when redemptions suddenly surge.

From a legal and operational perspective, SCaaS demands absolute transparency on reserve composition, insurance/redemption mechanisms, and independent auditing processes.

Regulatory decisions at national or regional levels could drastically reshape the multi-issuance landscape.

Even so, SCaaS is still expected to be a natural step forward as stablecoins steadily evolve into a global payment instrument.

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