Coinbase launches USDF stablecoin on Solana with Flipcash

Coinbase has partnered with Flipcash to launch USDF, a new stablecoin integrated into the Solana blockchain. USDF is fully backed one-to-one by Circle’s USD Coin ($USDC), and is set to play a central role as the main payment asset in the creation of fixed-supply digital currencies on the platform. The move signals Coinbase’s ongoing steps to enhance its corporate infrastructure services and expand branded digital currency solutions for enterprise clients.

USDF’s role and the Flipcash collaboration

Designed as the reference asset for new digital currencies on Flipcash, USDF enables users to create their own fixed-supply cryptocurrencies that are pegged to specific stablecoins. According to a company statement, USDF will serve as the core dollar-based asset within the Flipcash application, streamlining both operations and management.

Flipcash cited Coinbase’s $USDC-backed reserves, robust on-chain payment infrastructure, and single-point integrated access to fiat currency as the main reasons for choosing the platform. This partnership enables users to manage both digital currency operations and reserve security in one streamlined environment.

Mini glossary: A white-label stablecoin solution allows companies to issue digital assets under their own brand by outsourcing technical infrastructure and reserve management. This approach makes launching such solutions faster and more cost-effective.

Flipcash highlighted Coinbase’s $USDC-backed reserves, integrated on-chain payments, and combined fiat access as decisive factors behind their selection of the platform.

Growing infrastructure trends in the stablecoin market

Recently, stablecoin infrastructure providers have increasingly focused on services that simplify branded stablecoin creation for institutions. With these offerings, companies can issue their own dollar-based digital currencies without managing complex blockchain technicalities.

In September 2025, Stripe rolled out its own stablecoin issuance platform, Open Issuance, allowing businesses to seamlessly create and manage their own stablecoins while staying connected to liquidity networks.

In May, Western Union introduced USDPT, a Solana-based stablecoin, using digital wallet and payment technology provided by Fireblocks and issued by Anchorage Digital. Western Union stated that USDPT will serve as a blockchain-powered solution for cross-border payments.

Stablecoin sector growth and market competitors

Notable stablecoins such as Binance’s BUSD and PayPal USD, launched in 2019 and 2023 respectively, have both been issued by Paxos and contribute to the diversification of financial products in the digital currency sector.

Stablecoin projects are seeing significant momentum in payments and infrastructure, driving companies to increase investments in digital payment systems and stablecoin issuance. For example, Bakkt recently acquired Distributed Technologies Research, signaling a plan to build an AI-powered, round-the-clock digital payment layer.

DefiLlama’s data shows $USDC remains the world’s second largest stablecoin, with a market capitalization of $77 billion.

The overall stablecoin market cap has also risen sharply. According to the latest figures from DefiLlama, stablecoins have grown by approximately 32% over the past year, climbing from $244 billion to $323 billion in market value.