Written by Nate Kostar, Staff Writer. Reviewed by Robert Lakin, Staff Editor.
Written by Nate Kostar, Staff Writer.
Reviewed by Robert Lakin, Staff Editor.
Coinbase expands branded stablecoin infrastructure business with Flipcash USDF launch
Latest NewsPublishedMay 20, 2026
The launch marks Coinbase’s latest push into white-label stablecoin infrastructure for businesses building branded digital payment and settlement systems.
Coinbase introduced USDF with Flipcash, a Solana-based stablecoin backed 1:1 by Circle’s USD Coin, as the crypto exchange expands its infrastructure business for companies issuing branded digital currencies.
as reported by Wednesday’s announcement, USDF is designed to serve as the settlement asset for currencies created on Flipcash, a platform where users can launch fixed-supply digital currencies priced and transacted in the stablecoin. Flipcash stated the token is intended to function as the primary dollar asset within its app.
In December, Coinbase introduced its white-label stablecoin issuance service for companies seeking branded digital dollar products without managing their own reserve, custody or settlement infrastructure. The platform includes fiat onramps, wallet services and USDC (USDC) reserve backing. It previously identified Solflare, R2 and Flipcash among companies exploring launches using the system.
Flipcash stated it selected Coinbase’s platform because it provided USDC-backed reserves, onchain settlement infrastructure and integrated fiat access through a single service.
as reported by DefiLlama data, USDC is the world’s second-largest stablecoin by market capitalization, with roughly $77 billion in circulation.
Source: DefiLlama
Related: Trump filing discloses Coinbase, Strategy crypto-linked exposure in Q1
Stablecoin infrastructure providers expand white-label issuance services
The launch comes as stablecoin issuers and crypto infrastructure providers increasingly offer white-label services that allow businesses to launch branded digital dollar products without managing their own blockchain infrastructure or reserves.
In September 2025, Stripe introduced Open Issuance, a platform that allows businesses to create and manage their own stablecoins through its Bridge unit. Stripe stated the system allows companies to control minting, branding and reserve economics while connecting to shared liquidity infrastructure.
In May, Western Union introduced its Solana-based USDPT stablecoin, with issuance handled by Anchorage Digital and wallet and settlement infrastructure provided by Fireblocks. The company stated the token would support blockchain-based settlement and cross-border payment services across parts of its remittance network.
Earlier examples include Binance’s BUSD stablecoin, introduced in 2019, and PayPal USD, introduced in 2023, both of which were issued by Paxos.
Crypto infrastructure companies have also expanded into stablecoin issuance, payments and settlement infrastructure in recent months. Earlier this month, Bakkt completed its acquisition of stablecoin infrastructure firm Distributed Technologies Research as part of its push to build a 24/7 digital settlement layer powered by stablecoin and AI payment technology.
The stablecoin market capitalization has climbed to roughly $323 billion from about $244 billion a year ago, an rise of nearly 32%, as reported by DefiLlama data.
Source: DefiLlama
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- Coinbase
- Stablecoin
- Binance
- Western Union
- Stripe
- Industry
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