Coinbase has commenced internal, backend operational testing of a new stablecoin called USDF, developed by crypto infrastructure firm Flipcash. This testing is part of Coinbase's "Custom Stablecoins" program, a feature introduced in December 2025 that allows businesses to create their own branded, dollar-pegged tokens collateralized by Circle's USDC.
The exchange announced the test via its Coinbase Markets account on X, stating, "A new Coinbase Custom Stablecoin, USDF, has been enabled on Coinbase Exchange for operational testing." The company emphasized that this is a backend test phase only, with trading, deposits, and withdrawals currently disabled. The USDF stablecoin is expected to launch publicly in early 2026 and is slated to become the primary stablecoin within the Flipcash app.
Coinbase's Custom Stablecoins program is designed to give companies greater control over payments and treasury operations. Potential use cases include payroll, B2B settlements, cross-border transfers, and internal liquidity management. Businesses can earn rewards tied to token activity while moving funds across Coinbase-supported blockchains.
Flipcash is not the only partner in this initiative. Solana-based self-custody wallet Solflare and decentralized finance platform R2 are also collaborating with Coinbase to develop branded stablecoin products using the same framework.
This push underscores the central role stablecoins play in Coinbase's business model. The exchange maintains a close partnership with Circle, issuer of USDC, and earns a share of interest income and fees from its usage. In Q4 2025, Coinbase reported nearly $247 million in stablecoin-related revenue, highlighting its financial tie to the sector.
The news comes amid surging global stablecoin adoption. According to Artemis Analytics data compiled by Bloomberg, global stablecoin transaction value reached $33 trillion in 2025, a 72% increase year-over-year. USDC led in transaction volume at $18.3 trillion, while USDT maintained a market cap lead of $187 billion. This growth is partly attributed to regulatory clarity provided by the passage of the GENIUS Act in July 2025, the first comprehensive U.S. regulatory framework for payment stablecoins.
