Coinbase and Flipcash launched the USDF stablecoin on Solana using Coinbase’s white-label issuance platform.
Stablecoin News
Coinbase and Flipcash have launched USDF, a Solana (SOL)-based stablecoin backed 1:1 by USD Coin (USDC), through Coinbase's white-label stablecoin issuance platform. The token is designed to function as the primary settlement asset for currencies created and transacted within the Flipcash app.
Flipcash selected Coinbase's platform because it provided USDC-backed reserves, on-chain settlement infrastructure, and integrated fiat access through a single provider. USDF is intended to serve as the dollar-denominated foundation for any fixed-supply digital currencies users launch within the Flipcash system.
Coinbase launched its white-label stablecoin issuance service in December 2025, targeting companies that want to offer branded digital dollar products without building their own reserve management, custody, or settlement infrastructure. The platform bundles fiat on-ramps, wallet services, and USDC reserve backing. Flipcash was among the first companies identified as exploring a launch on the service, alongside Solflare and R2.
The launch arrives as multiple major financial and infrastructure firms have entered the white-label stablecoin space. In September 2025, Stripe launched Open Issuance through its Bridge unit, enabling businesses to issue their own stablecoins while connecting to shared liquidity rails. In May 2026, Western Union launched its Solana-based USDPT stablecoin, with issuance handled by Anchorage Digital and settlement infrastructure provided by Fireblocks, for use across parts of its remittance network.
Earlier precedents include BUSD, issued by Paxos for a major exchange in 2019, and PayPal USD, also issued by Paxos in 2023. Earlier in May 2026, Bakkt completed its acquisition of stablecoin infrastructure firm Distributed Technologies Research, positioning itself to build a 24/7 digital settlement layer using stablecoin and AI payment technology.
According to DefiLlama data, USDC is the world's second-largest stablecoin by market capitalization, with approximately $77 billion in circulation. The total stablecoin market has expanded to roughly $323 billion from about $244 billion a year ago, a 32% increase over 12 months.
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