Coinbase begins backend testing of Flipcash’s USDF custom stablecoin

Coinbase is testing Flipcash’s in-development stablecoin, USDF, on its backend as part of a new feature that will allow businesses to create their own branded, dollar-backed tokens. The company has been working with Solflare, R2 and Flipcash on custom stablecoin solutions. The “Coinbase Custom Stablecoins” feature, introduced in December, is intended to let businesses earn rewards on activity and move funds seamlessly between Coinbase-supported chains.

Coinbase says the tokens will be collateralized 1:1 by Circle’s USDC. Coinbase posted to X: “A new Coinbase Custom Stablecoin, USDF, has been enabled on Coinbase Exchange for operational testing,” adding: “This is a backend test phase only. Trading, deposits, and withdrawals are currently unavailable.

Stay tuned for more updates.” USDF is being created by crypto infrastructure platform Flipcash and is expected to be available in early 2026, when it will be the primary stablecoin on the Flipcash app. Solflare and decentralized finance platform R2 are also working with Coinbase on their own customized stablecoin offerings.

Coinbase’s stablecoin business currently leans on its partnership with Circle, through which it lists USDC and earns interest and fees.