Coinbase launched USDF with Flipcash, a Solana-based stablecoin backed 1:1 by Circle’s USD Coin, because the crypto trade expands its infrastructure enterprise for firms issuing branded digital currencies.
In response to 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 stated 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 firms in search of branded digital greenback merchandise with out managing their very own reserve, custody or settlement infrastructure. The platform consists of fiat onramps, pockets companies and USDC (USDC) reserve backing. It beforehand recognized Solflare, R2 and Flipcash amongst firms exploring launches utilizing the system.
Flipcash stated it chosen Coinbase’s platform as a result of it offered USDC-backed reserves, onchain settlement infrastructure and built-in fiat entry by means of a single service.
In response to 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 develop white-label issuance companies
The launch comes as stablecoin issuers and crypto infrastructure suppliers more and more provide white-label companies that permit 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 permits companies to create and handle their very own stablecoins by means of its Bridge unit. Stripe stated the system permits firms to regulate minting, branding and reserve economics whereas connecting to shared liquidity infrastructure.
In Might, Western Union launched its Solana-based USDPT stablecoin, with issuance dealt with by Anchorage Digital and pockets and settlement infrastructure offered by Fireblocks. The corporate stated the token would help blockchain-based settlement and cross-border fee companies throughout elements of its remittance community.
Earlier examples embody Binance’s BUSD stablecoin, launched in 2019, and PayPal USD, launched in 2023, each of which had been issued by Paxos.
Crypto infrastructure firms have additionally expanded into stablecoin issuance, funds and settlement infrastructure in current months. Earlier this month, Bakkt accomplished 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 fee expertise.
The stablecoin market capitalization has climbed to roughly $323 billion from about $244 billion a 12 months in the past, a rise of almost 32%, based on DefiLlama information.
Supply: DefiLlama
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