Coinbase, Flipcash launch USDF on Solana backed by USDC

Coinbase and Flipcash announced Wednesday the launch of USDF on Solana, a white-label stablecoin fully backed 1:1 by Circle’s USD Coin (USDC). The token will be used as the settlement asset for fixed-supply branded digital currencies issued on the Flipcash platform.

USDF is intended to function as the primary dollar asset inside the Flipcash app, where users can create branded digital currencies priced and transacted in the stablecoin. Flipcash plans to use USDF for on-chain settlement of transactions involving those custom tokens.

Coinbase began offering a white-label stablecoin issuance service in December 2025 to let companies issue branded digital dollar products without operating their own reserve, custody or settlement systems. The service combines fiat onramps, wallet services and USDC reserve backing. Coinbase had earlier named Solflare, R2 and Flipcash as companies exploring the system.

Flipcash pointed to Coinbase’s bundled reserve and settlement capabilities and integrated fiat access as the reasons for choosing the exchange’s platform. The arrangement ties USDF’s reserve and custody responsibilities to Coinbase while Flipcash provides the front-end marketplace where branded currencies are minted and traded.

On-chain data from DeFiLlama shows about $77 billion in USDC circulation. The broader stablecoin market capitalization rose to roughly $323 billion from about $244 billion a year earlier, an increase of nearly 32%.

Other firms and payment providers have been expanding white-label and issuance services. In September 2025, a payments firm launched an Open Issuance platform for businesses to create and manage stablecoins. In May 2026, a money-transfer company released a Solana-based stablecoin for blockchain settlement, with issuance and wallet and settlement handled by specialist infrastructure firms.

Earlier branded stablecoins include Binance’s BUSD, launched in 2019, and PayPal USD, introduced in 2023 and issued by Paxos. Infrastructure companies in the crypto sector have pursued acquisitions and partnerships aimed at building continuous digital settlement layers using stablecoin technology.

USDF runs on Solana to leverage the network’s high throughput for settlements tied to Flipcash-issued tokens. Coinbase provides the reserve and custody framework linked to USDC backing while Flipcash supplies the user interface and marketplace where the branded tokens will operate.