Major cryptocurrency exchange strengthens presence in digital dollar sector through strategic introduction of new Flipcash product

In a significant expansion of its infrastructure business, Coinbase has unveiled $USDF, a Solana-based stablecoin, in collaboration with Flipcash. This move enables companies to issue branded digital currencies, with $USDF serving as the primary settlement asset. The stablecoin is backed 1:1 by Circle's USD Coin, providing a secure and reliable foundation for transactions.

The introduction of $USDF is a key component of Coinbase's white-label stablecoin issuance service, which was launched in December. This platform allows companies to create branded digital dollar products without the need to manage their own reserve, custody, or settlement infrastructure. Flipcash, a platform that enables users to launch fixed-supply digital currencies, has chosen to utilize Coinbase's platform due to its comprehensive services, including $USDC-backed reserves, on-chain settlement infrastructure, and integrated fiat access.

With a market capitalization of approximately $77 billion, $USDC is the world's second-largest stablecoin, according to data from DefiLlama. The launch of $USDF is part of a broader trend, as stablecoin issuers and crypto infrastructure providers increasingly offer white-label services. This allows businesses to create branded digital dollar products without requiring extensive blockchain infrastructure or reserve management expertise.

Recent examples of this trend include Stripe's Open Issuance platform, launched in September 2025, which enables companies to create and manage their own stablecoins. Western Union has also entered the market with its Solana-based USDPT stablecoin, issued in partnership with Anchorage Digital and Fireblocks. Established players, such as Binance and PayPal, have also launched their own stablecoins, including BUSD and PayPal USD, which were issued by Paxos in 2019 and 2023, respectively.

The stablecoin market has experienced significant growth, with the total market capitalization increasing by nearly 32% over the past year, reaching approximately $323 billion, according to DefiLlama data. This expansion has been driven, in part, by the growing demand for stablecoin infrastructure and payment services. Companies like Bakkt are also investing in this space, having recently acquired Distributed Technologies Research to support the development of a 24/7 digital settlement layer powered by stablecoin and AI payment technology.