Hard to know whether stitches would be needed or not. But if you decide to wait, clean very thoroughly, apply triple antibiotic cream and then cover the foot to keep him from licking/chewing at it. You might consider a collar to prevent him from getting at it, if necessary. Check and clean periodically to make sure the foot's not becoming infected. And of course, if it starts looking infected or the bleeding doesn't seem to stop, then he should see the vet sooner rather than later. Hope he feels better soon. 
