Coinbase Launches USDC-Backed Stablecoin with Flipcash

Coinbase launched USDF with Flipcash, a Solana-based stablecoin backed 1:1 by Circle’s USD Coin, because the crypto alternate expands its infrastructure enterprise for corporations issuing branded digital currencies.

Based on Wednesday’s announcement, USDF is designed to function the settlement asset for currencies created on Flipcash, a platform the place customers can launch fixed-supply digital currencies priced and transacted within the stablecoin. Flipcash mentioned the token is meant to perform as the first greenback asset inside its app.

In December, Coinbase launched its white-label stablecoin issuance service for corporations looking for branded digital greenback merchandise with out managing their very own reserve, custody or settlement infrastructure. The platform contains fiat onramps, pockets companies and USDC (USDC) reserve backing. It beforehand recognized Solflare, R2 and Flipcash amongst corporations exploring launches utilizing the system.

Flipcash mentioned it chosen Coinbase’s platform as a result of it supplied USDC-backed reserves, onchain settlement infrastructure and built-in fiat entry via a single service.

Based on DefiLlama information, USDC is the world’s second-largest stablecoin by market capitalization, with roughly $77 billion in circulation.

Supply: DefiLlama

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Stablecoin infrastructure suppliers increase white-label issuance companies

The launch comes as stablecoin issuers and crypto infrastructure suppliers more and more supply white-label companies that enable companies to launch branded digital greenback merchandise with out managing their very own blockchain infrastructure or reserves.

In September 2025, Stripe launched Open Issuance, a platform that enables companies to create and handle their very own stablecoins via its Bridge unit. Stripe mentioned the system permits corporations to manage minting, branding and reserve economics whereas connecting to shared liquidity infrastructure.

In Could, Western Union launched its Solana-based USDPT stablecoin, with issuance dealt with by Anchorage Digital and pockets and settlement infrastructure supplied by Fireblocks. The corporate mentioned the token would help blockchain-based settlement and cross-border cost companies throughout components of its remittance community.

Earlier examples embrace Binance’s BUSD stablecoin, launched in 2019, and PayPal USD, launched in 2023, each of which had been issued by Paxos.

Crypto infrastructure corporations have additionally expanded into stablecoin issuance, funds and settlement infrastructure in current months. Earlier this month, Bakkt completed its acquisition of stablecoin infrastructure agency Distributed Applied sciences Analysis as a part of its push to construct a 24/7 digital settlement layer powered by stablecoin and AI cost expertise.

The stablecoin market capitalization has climbed to roughly $323 billion from about $244 billion a yr in the past, a rise of almost 32%, based on DefiLlama information.