Coinbase Launches USDC-Backed Stablecoin with Flipcash

Coinbase launched USDF with Flipcash, a Solana-based stablecoin backed 1:1 by Circle’s USD Coin, as the crypto exchange expands its infrastructure business for companies issuing branded digital currencies.

According to Wednesday’s announcement, USDF is designed to serve as the settlement asset for currencies created on Flipcash, a platform where users can launch fixed-supply digital currencies priced and transacted in the stablecoin. Flipcash said the token is intended to function as the primary dollar asset within its app.

In December, Coinbase launched its white-label stablecoin issuance service for companies seeking branded digital dollar products without managing their own reserve, custody or settlement infrastructure. The platform includes fiat onramps, wallet services and USDC (USDC) reserve backing. It previously identified Solflare, R2 and Flipcash among companies exploring launches using the system.

Flipcash said it selected Coinbase’s platform because it provided USDC-backed reserves, onchain settlement infrastructure and integrated fiat access through a single service.

According to DefiLlama data, USDC is the world’s second-largest stablecoin by market capitalization, with roughly $77 billion in circulation.

Source: DefiLlama

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Stablecoin infrastructure providers expand white-label issuance services

The launch comes as stablecoin issuers and crypto infrastructure providers increasingly offer white-label services that allow businesses to launch branded digital dollar products without managing their own blockchain infrastructure or reserves.

In September 2025, Stripe launched Open Issuance, a platform that allows businesses to create and manage their own stablecoins through its Bridge unit. Stripe said the system allows companies to control minting, branding and reserve economics while connecting to shared liquidity infrastructure.

In May, Western Union launched its Solana-based USDPT stablecoin, with issuance handled by Anchorage Digital and wallet and settlement infrastructure provided by Fireblocks. The company said the token would support blockchain-based settlement and cross-border payment services across parts of its remittance network.

Earlier examples include Binance’s BUSD stablecoin, launched in 2019, and PayPal USD, launched in 2023, both of which were issued by Paxos.

Crypto infrastructure companies have also expanded into stablecoin issuance, payments and settlement infrastructure in recent months. Earlier this month, Bakkt completed its acquisition of stablecoin infrastructure firm Distributed Technologies Research as part of its push to build a 24/7 digital settlement layer powered by stablecoin and AI payment technology.

The stablecoin market capitalization has climbed to roughly $323 billion from about $244 billion a year ago, an increase of nearly 32%, according to DefiLlama data.

Source: DefiLlama

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