With dissolve you can clip out parts of the sprite by using a dissolve pattern that consist of a grayscale texture. You can also apply a border and tint it as you like. Many possibilities!
Blend in the dissolvement/clipping. At 1 your Sprite is completely clipped out and thus invisible.
Note: Blending is not linear and depending on the Dissolve pattern, the clipping might be already finished early.
The width of the colored Border along the clipping.
Left: Width = 5. Right: Width = 60.
This is the Intensity of the Border Glow which is also emissive and just like Emission Intensity you can use the same Bloom/HDR effects.
In this example Glow is set to 4.
The color in which the Border is tinted.