Coinbase and Flipcash Launch Custom Stablecoin USDF on Solana Chain, Now Live
USDF is issued through the Coinbase Custom Stablecoins platform, fully backed 1:1 by USDC. Coinbase is responsible for compliance, issuance, and settlement, allowing businesses to easily create branded dollar stablecoins.
This stablecoin is primarily used for payments, salaries, and cross-border settlements within the Flipcash ecosystem, supporting businesses in embedding their own brands while maintaining regulatory compliance.
Source: Public Information
ABAB AI Insight
Coinbase launched the Custom Stablecoins feature in December 2025, with USDF being one of the first cases, continuing its deep integration with Circle and expanding towards branded issuance. Earlier, similar products were planned with partners like Solflare and R2.
In terms of capital pathways, Coinbase is directing infrastructure and USDC reserves towards partners, focusing resources on issuance backends and Solana settlement channels. The motivation is to expand USDC use cases and collect issuance service fees while helping fintechs like Flipcash quickly establish their own payment loops, reducing the technical and compliance barriers for businesses to create their own stablecoins.
Similar to Circle's early collaborations with various institutions to issue branded stablecoins, and traditional banks issuing deposit tokens via blockchain, the stablecoin industry is currently transitioning from a unified dollar token to a customized branded network. Early infrastructure platforms are seizing enterprise-level payment entry points through white-label services.
Essentially, this represents a restructuring of the industry chain: Custom Stablecoins shift pricing power from single stablecoin issuers to platform-based infrastructure operators, allowing businesses to obtain branded payment tools without needing to build reserves, audits, or blockchain deployments, thus accelerating the flow of funds from traditional banking to programmable, compliant on-chain solutions.
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The easier it is to issue stablecoins, the more willing businesses are to collect payments under their own names.
Infrastructure collects issuance fees, while brands capture user mindshare, benefiting all parties.
In a monopoly of unified tokens, customization serves as a new lever to break down barriers.