Coinbase has partnered with payments firm Flipcash to launch USDF, a stablecoin backed by USDC and built on the Solana blockchain. The token is part of a broader push by Coinbase to sell white-label infrastructure for companies that want to issue their own digital currencies without building the tech from scratch.
What USDF is and how it works
USDF is a stablecoin pegged to the value of USDC, which itself is pegged 1-to-1 with the U.S. dollar. The token runs on Solana, a blockchain known for fast transaction speeds and low fees. Flipcash will handle the issuance and management of the stablecoin, while Coinbase supplies the underlying technology and compliance rails.
That means Flipcash doesn't have to develop its own smart contracts or maintain a reserve system. Coinbase does that work. The stablecoin is meant to be used by Flipcash's customer base for payments and settlements within its platform.
Coinbase's white-label stablecoin push
This isn't Coinbase's first stablecoin — the exchange already runs its own USDC rewards program and has backed other crypto projects. But USDF is its first public white-label deal, where Coinbase provides the infrastructure for a third party to launch a branded stablecoin.
The model is straightforward: Coinbase offers a package that includes blockchain integration, custody, and regulatory compliance. Flipcash gets a tailor-made stablecoin with Coinbase's name behind the tech. The deal gives Coinbase a new revenue stream beyond trading fees and lets it compete with other infrastructure providers in the crypto space.
Both companies declined to disclose financial terms or the exact number of users who will initially have access to USDF. But the stablecoin is live on Solana and available within Flipcash's payment system.
