This option will be activated by relevant hashtags. When activated, this option will turn the Stories activation border into a multi-coloured circle. Additionally, Stories with relevant hashtags when shared only with close friends will be shown with a green activation border.
This feature could be part of a series of features Instagram may roll out during the Pride Month 2019. This isn’t the first time Instagram has done something like this. In fact, last year Instagram had released a rainbow background for Stories Type mode. In addition to that, rainbow versions of hashtags, mentions and location stickers were also rolled out. A rainbow heart usable in Instagram Live was also released.
The new Stories ring hasn’t been officially announced as of this writing. It may be a part of a larger feature release in the near future. It may just be a one off feature release but it has a lot of potential if used regularly. There is a definite scope of having Stories ring stand out using alternate colour rings. Instagram can use alternate colour rings to make users understand what the Story is about when relevant hashtags are used. Potentially, this feature can be used to spread some breaking news or find Stories by topic. This can help users find more relevant Stories for them. However it is used going forward, one thing is sure; Instagram knows how to mix it up and keep things interesting.