Coinbase advances rollout of custom stablecoins

Coinbase is moving closer to launching custom stablecoins after beginning backend testing of Flipcash’s in-development USDF token for businesses seeking branded, dollar-backed assets.

The testing is part of Coinbase Custom Stablecoins, a feature unveiled in December that will allow companies to issue their own tokens collateralised by Circle’s USDC and move funds seamlessly across supported blockchains.

“A new Coinbase Custom Stablecoin, USDF, has been enabled on Coinbase Exchange for operational testing,”

Coinbase said, stressing that trading, deposits and withdrawals are not yet available.

USDF is being developed by Flipcash and is expected to launch in early 2026 as the primary stablecoin within the Flipcash app.

Coinbase said custom stablecoins could support use cases ranging from payroll and treasury management to business-to-business and cross-border payments.

The exchange is also working with Solana wallet Solflare and decentralised finance platform R2 to bring additional customised stablecoin products to market.

Stablecoins are central to Coinbase’s business model, with the company generating nearly $247 million in stablecoin revenue in the fourth quarter as the sector continues to expand rapidly.