Coinbase and Flipcash have launched USDF, a USDC-backed stablecoin on the Solana blockchain. The token deploys through Coinbase's Custom Stablecoin platform, making it available for use immediately.
How USDF Operates
USDF maintains its value by holding reserves of USDC, a dollar-pegged stablecoin. It functions exclusively on Solana, where it can be used for payments or liquidity in decentralized apps. The token aims for a 1:1 peg to the US dollar through its backing structure.
Coinbase's Platform Role
Coinbase's Custom Stablecoin platform handled the deployment, giving Flipcash control over the token's issuance details. This setup lets companies create stablecoins without building their own infrastructure. The exchange provides the technical backbone while partners manage the brand and distribution.
The Partners Involved
Coinbase brings its existing stablecoin infrastructure and user base to the partnership. Flipcash, the other named entity in the launch, is issuing USDF as its branded stablecoin. The company hasn't released further details about its roadmap for the token.
USDF is now live on Solana with transactions open to the public.
