Coinbase has launched USDF, a Solana-based stablecoin with Flipcash, Cointelegraph reported on May 20.

USDF is backed one-to-one by Circle's USDC. Coinbase is expanding its infrastructure business for issuing branded digital currencies for businesses based on USDF.

The report said USDF serves as the payment asset for digital currencies created on Flipcash. Flipcash is a platform that lets users create their own digital currencies with a fixed issuance amount, and all pricing and trading are conducted in the USDF stablecoin.

Coinbase launched a white-label stablecoin issuance service in December last year. It supports businesses in creating branded digital dollar products without managing their own reserves, custody and payment infrastructure. It includes fiat on-ramps, wallet services and support for USDC reserves.

Flipcash said it chose the Coinbase platform because it provides USDC-backed reserves, on-chain payment infrastructure and fiat access in a single service. DefiLlama data shows USDC is the world's second-largest stablecoin by market capitalisation, with about $77 billion in circulation.

Competition in white-label stablecoin services is also intensifying. Stripe launched an Open Issuance platform in September 2025 through its Bridge unit that lets businesses create and manage their own stablecoins. Western Union launched USDPT, a Solana-based stablecoin, in May and is using it for blockchain payments and cross-border remittance services.