Instagram is internally testing an auto-caption sticker for stories.
Much like the music and text features, you'll have a variety of fonts to choose from for your closed caption. Another added bonus they're working on is a built-in bleep machine for those of y'all with naughty mouths.
BUT - until they releases this the auto-caption sticker out into the world, here's how you can access the feature TODAY.
Step 1: Download Instagram Threads on the Apple Store or Google Play.
Step 2: Complete set up
Step 3: Record your story (𝘺𝘰𝘶'𝘭𝘭 𝘴𝘦𝘦 𝘣𝘢𝘳𝘴 𝘢𝘵 𝘵𝘩𝘦 𝘵𝘰𝘱 𝘭𝘪𝘴𝘵𝘦𝘯𝘪𝘯𝘨 𝘵𝘰 𝘺𝘰𝘶𝘳 𝘸𝘰𝘳𝘥𝘴 𝘧𝘰𝘳 𝘵𝘳𝘢𝘯𝘴𝘤𝘳𝘪𝘱𝘵𝘪𝘰𝘯).
Step 4: When you're finished, tap the white circle with the up arrow at the bottom of your screen.
Step 5: Tap to add it to your IG Story.
If you want to download instead, you can. Simply skip step 4 and tap the download button the right-hand side of your screen.
If you're curious as to how accurate the transcription is, I have yet to run into a problem with it understanding what I'm saying - which actually surprised me seeing as how neither Siri or Alexa never seem to understand what I'm asking of them.