Coinbase’s push to become the AWS of stablecoins just got its latest customer. Flipcash has launched USDF, a dollar-pegged stablecoin built on Coinbase’s Custom Stablecoins platform, with the token collateralized by Circle’s USDC.
Think of it like white-label software, but for money. Coinbase provides the infrastructure, Circle’s USDC provides the backing, and Flipcash slaps its own brand on top. The result is USDF: a stablecoin that functions like USDC under the hood but carries Flipcash’s identity and potentially its own reward mechanics.
What’s actually live right now
Here’s the thing: USDF isn’t available to the public yet. Coinbase is currently running backend testing of the token on its exchange in what’s described as an operational-only mode. That means no trading, no deposits, no withdrawals. It’s the crypto equivalent of a restaurant doing soft-open service before the grand opening.
The full public launch is anticipated for early 2026, primarily on Solana with support for other Coinbase-supported blockchain networks. Solana’s selection as the initial chain makes sense given its low transaction costs and high throughput, both of which matter for the payment-oriented use cases Coinbase is targeting.
