Encrypt login/cookie passwords securely to keep user logged in

Question

What is the best alternative to encrypt data to use it in a cookie so that it can be decrypted later to validate user data?

Currently saved : Login - Password and IP in an array and then encrypt it with the function.

(that, and safe?)

$dados_usuario = array();
$dados_usuario[] = ['ip' => $pega_ip, 'login' => $usuario, 'senha' => $senha];

setcookie('user_log', encrypt(json_encode($dados_usuario), 'stack'), time() + (86400 * 90), '/', null, true, true);

function encrypt($pure_string, $encryption_key) {
    $cipher     = 'AES-256-CBC';
    $options    = OPENSSL_RAW_DATA;
    $hash_algo  = 'sha256';
    $sha2len    = 32;
    $ivlen = openssl_cipher_iv_length($cipher);
    $iv = openssl_random_pseudo_bytes($ivlen);
    $ciphertext_raw = openssl_encrypt($pure_string, $cipher, $encryption_key, $options, $iv);
    $hmac = hash_hmac($hash_algo, $ciphertext_raw, $encryption_key, true);
    return base64_encode($iv.$hmac.$ciphertext_raw);
}

function decrypt($encrypted_string, $encryption_key) {
    $encrypted_string = base64_decode($encrypted_string);
    $cipher     = 'AES-256-CBC';
    $options    = OPENSSL_RAW_DATA;
    $hash_algo  = 'sha256';
    $sha2len    = 32;
    $ivlen = openssl_cipher_iv_length($cipher);
    $iv = substr($encrypted_string, 0, $ivlen);
    $hmac = substr($encrypted_string, $ivlen, $sha2len);
    $ciphertext_raw = substr($encrypted_string, $ivlen+$sha2len);
    $original_plaintext = openssl_decrypt($ciphertext_raw, $cipher, $encryption_key, $options, $iv);
    $calcmac = hash_hmac($hash_algo, $ciphertext_raw, $encryption_key, true);
    if(function_exists('hash_equals')) {
        if (hash_equals($hmac, $calcmac)) return $original_plaintext;
    } else {
        if ($this->hash_equals_custom($hmac, $calcmac)) return $original_plaintext;
    }
}

function hash_equals_custom($knownString, $userString) {
    if (function_exists('mb_strlen')) {
        $kLen = mb_strlen($knownString, '8bit');
        $uLen = mb_strlen($userString, '8bit');
    } else {
        $kLen = strlen($knownString);
        $uLen = strlen($userString);
    }
    if ($kLen !== $uLen) {
        return false;
    }
    $result = 0;
    for ($i = 0; $i < $kLen; $i++) {
        $result |= (ord($knownString[$i]) ^ ord($userString[$i]));
    }
    return 0 === $result;
}

Note: user password is saved in hash use password_verify to validate.