What is Coinbase’s new USDF stablecoin?

Coinbase launched the USDF stablecoin with Flipcash as part of its white-label stablecoin infrastructure business. USDF is backed 1:1 by USD Coin reserves and is designed to power settlement for digital currencies created on Flipcash.

Why does the USDF launch matter for the stablecoin market?

The launch shows how crypto firms are shifting from simply issuing tokens to providing infrastructure for businesses wanting branded digital currencies. Coinbase is positioning itself as a backend provider for payments, remittances and settlement systems powered by stablecoins.

How does USDF work on Flipcash?

USDF acts as the settlement asset for fixed-supply digital currencies launched on the Flipcash platform. Users can create and transact with branded currencies priced in USDF, while Coinbase handles reserve backing and settlement infrastructure.

Why did Flipcash choose Coinbase’s stablecoin platform?

Flipcash said Coinbase offered a single integrated system combining USDC-backed reserves, fiat onramps and onchain settlement tools. That reduces the operational burden for companies wanting stablecoin products without building their own infrastructure stack.

How big is the stablecoin market right now?

According to DefiLlama data, the stablecoin market has grown to around $323 billion from roughly $244 billion a year ago. USDC alone has about $77 billion in circulation, making it the second-largest stablecoin globally behind Tether.

What is Coinbase’s strategy with white-label stablecoins?

Coinbase appears to be expanding beyond exchange trading revenue into infrastructure services for fintech and enterprise clients. The strategy could create recurring revenue streams tied to settlement, custody, reserve management and fiat access.

Who are Coinbase’s main competitors in stablecoin infrastructure?

Major competitors include Stripe, which launched its Open Issuance platform through Bridge, alongside infrastructure firms like Anchorage Digital and Fireblocks. Traditional financial firms are also entering the market with branded stablecoin projects.

Why are companies launching branded stablecoins now?

Businesses are increasingly exploring stablecoins for faster payments, cross-border transfers and 24/7 settlement. White-label infrastructure makes it easier for companies to launch digital dollar products without directly managing reserves or blockchain operations.

Image for illustrative purposes only. Not a real photo.

Coinbase expands stablecoin business with USDF launch

Written by Jon CuthbertPublished May. 21 2026Last Updated May. 21 2026

Coinbase has launched the USDF stablecoin with Flipcash as the crypto exchange expands its white-label infrastructure business for companies issuing branded digital currencies.

USDF, built on Solana and backed 1:1 by USD Coin reserves, will act as the settlement asset for fixed-supply digital currencies launched through the Flipcash platform.

Flipcash said it selected Coinbase’s infrastructure because it combined USDC reserve backing, onchain settlement services and integrated fiat access into a single platform for branded stablecoin issuance.

Coinbase launched its white-label stablecoin issuance platform in December, allowing businesses to create branded digital dollar products without directly managing reserves, custody or blockchain settlement infrastructure.

The launch comes as competition intensifies among fintech and crypto infrastructure providers offering white-label stablecoin services for payments, remittances and settlement systems.

Stripe launched its Open Issuance stablecoin platform through Bridge in September 2025, while Western Union introduced its Solana-based USDPT stablecoin in May using infrastructure from Anchorage Digital and Fireblocks.

According to DefiLlama data, the stablecoin market has grown to roughly $323 billion from about $244 billion a year earlier, while USDC remains the world’s second-largest stablecoin with around $77 billion in circulation.

At the time of reporting, Solana price was $86.02.