Coinbase is testing Flipcash’s development stablecoin, USDF, on its backend as part of a up-to-date feature that will allow companies to create their own branded dollar-backed tokens.
“Coinbase Custom Stablecoins” feature, introduced in December will enable businesses to earn rewards for activity and allow funds to be moved seamlessly between Coinbase-powered networks, with tokens secured by USDC (USDC) Circle.
“New Coinbase Custom Stablecoin, USDF, has gone live on Coinbase Exchange for operational testing,” Coinbase sent to X on Tuesday, adding:
“This is just a backend testing phase. Trading, deposits and withdrawals are currently unavailable. Stay tuned for more updates.”
Custom stablecoins can give companies greater flexibility in everything from payroll and business-to-business payments to cross-border transactions and financial management.
Flipcash is behind the USDF stablecoin
The stablecoin under test, USDF, is created by crypto infrastructure platform Flipcash and is expected to be available in early 2026.
Once launched, USDF will be the main stablecoin on the Flipcash app.
Solana-focused self-service wallet Solflare and decentralized finance platform R2 are also partnering with Coinbase to launch their own customized stablecoin solutions.
Introducing Coinbase Custom Stablecoins.
Create a branded stablecoin for your business, backed 1:1 by collateral hosted by Coinbase.
→ Earn rewards for your activity
→ Seamless interoperability between chains
→ Take advantage of Coinbase’s global distribution pic.twitter.com/DJ3Wcq4Zhn— Coinbase 🛡️ (@coinbase) December 17, 2025
Coinbase’s stablecoin business currently relies on a partnership with stablecoin issuer Circle, through which it lists USDC and earns interest and fees.
Stablecoins are the key to Coinbase’s business model
Coinbase brought almost $247 million in stablecoin revenues in the fourth quarter and is pressing U.S. senators to ensure that stablecoin rewards are not narrow by upcoming cryptocurrency market structure regulations.
Related: Bitcoin’s real “uptober” moment may begin in February: here’s why
Currently, the stablecoin market sits at USD 312.6 billion, and in April the US Treasury Department estimated that it would reach USD 2 trillion by 2028.
Earlier this month, Bloomberg predicted that stablecoin payment flows will grow at a compound annual growth rate of 81% to $56.6 trillion by 2030.
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