Coinbase Expands Stablecoin Infrastructure With Flipcash USDF Launch

Coinbase has expanded its stablecoin infrastructure business through a new partnership with Flipcash, launching a branded digital dollar called USDF on the Solana blockchain. The move highlights Coinbase’s growing push into white-label stablecoin services for businesses looking to create their own digital payment systems without building complex blockchain infrastructure.

According to the announcement made on May 21, USDF is backed 1:1 by USD Coin (USDC) reserves and is designed to work as the settlement currency inside the Flipcash ecosystem. Flipcash, a Solana-based platform, allows users to launch fixed supply digital currencies that are priced and traded using the stablecoin.

How Coinbase’s White-Label Stablecoin Service Works

Coinbase introduced its white label stablecoin issuance platform in December 2025 to help businesses launch branded digital dollar products without handling reserves, custody or settlement systems themselves. The service includes fiat onramps, wallet infrastructure and USDC-backed reserve support.

Stablecoin Competition Continues to Grow

The launch comes as more financial and crypto firms move into branded stablecoin products. In September 2025, Stripe introduced Open Issuance through its Bridge unit, allowing businesses to issue and manage customized stablecoins.

Western Union also entered the market in May with its Solana-based USDPT stablecoin, aimed at improving cross-border payments. Earlier examples include Binance’s BUSD and PayPal USD, both issued by Paxos.

According to DefiLlama data, the global stablecoin market has grown to around $323 billion, up nearly 32% from about $244 billion a year ago, showing strong demand for blockchain-based payment systems.