Instagram is testing a feature to let anyone share a link on Instagram stories. Instagram has that feature to share links on Instagram stories, but that feature was limited to specific people. Now Instagram is letting anyone add a link o their stories via a sticker. This sticker is doing the same job as the swipe-up feature but you have to tap on the sticker instead of swiping up. Unlike swipe-up links, you can still respond to the story.
Links will be limited to stories for now, according to Instagram’s Head of Product Vishal Shah, there’s no plan to bring Links to the feed or any part of the app.
Instagram testing this adding link sticker to the story feature on specific people, they are targeting people who have a good reach and good audience on the platform, these requirement levels are not high as that Instagram requires to obtain Swipe-Up option. (You have to be verified or need at least 10,000 followers to gain the Swipe-Up feature.)