Flipcash USDF debut signals Coinbase's growing white-label stablecoin service expansion
Coinbase's newest venture into white-label stablecoin infrastructure sees the exchange platform partnering with businesses developing branded digital settlement and payment solutions.
The cryptocurrency exchange Coinbase has introduced USDF in partnership with Flipcash, a stablecoin operating on the Solana blockchain that maintains a 1:1 backing with Circle's USD Coin, representing a strategic expansion of the platform's infrastructure services for businesses looking to issue their own branded digital currencies.
The Wednesday announcement detailed that USDF will operate as the settlement mechanism for digital currencies built on Flipcash, which functions as a platform enabling users to create digital currencies with fixed supplies that are both priced and exchanged using the stablecoin. According to Flipcash, the token has been designed to serve as the main dollar-denominated asset operating within its application ecosystem.
Last December, Coinbase introduced its white-label stablecoin creation service targeting businesses that want branded digital dollar offerings while avoiding the complexities of operating their own reserve management, custody solutions, or settlement systems. The service encompasses fiat onramp capabilities, wallet functionality, and reserve backing through USDC (USDC). Among the companies the platform previously named as exploring potential launches through this infrastructure were Solflare, R2 and Flipcash.
According to Flipcash's statement, the company chose Coinbase's infrastructure solution due to its provision of USDC-backed reserve systems, onchain settlement capabilities, and built-in fiat connectivity delivered through a unified service offering.
Data from DefiLlama indicates that USDC holds the position of the world's second-largest stablecoin when measured by market capitalization, currently maintaining approximately $77 billion in active circulation.
White-label issuance services see expansion among stablecoin infrastructure providers
This development emerges amid a broader trend of stablecoin issuers and cryptocurrency infrastructure companies expanding their white-label service offerings, enabling businesses to introduce branded digital dollar products while bypassing the need to operate their own blockchain infrastructure or manage reserve holdings.
Last September 2025, Stripe unveiled Open Issuance, an infrastructure platform designed to enable businesses to establish and oversee their own stablecoins via its Bridge division. According to Stripe, the platform empowers companies to maintain control over minting operations, branding decisions, and reserve economics while gaining access to shared liquidity infrastructure networks.
During May, Western Union introduced its Solana-based stablecoin USDPT, with issuance operations managed by Anchorage Digital and wallet plus settlement infrastructure services delivered by Fireblocks. According to the company's statement, the digital token would facilitate blockchain-based settlement operations and enable cross-border payment services throughout portions of its remittance network infrastructure.
Prior instances of such partnerships include Binance's BUSD stablecoin, which debuted in 2019, and PayPal USD, which launched in 2023, with both digital assets having been issued by Paxos.
Cryptocurrency infrastructure providers have similarly broadened their operations into stablecoin issuance, payment processing, and settlement infrastructure services over recent months. Earlier during this month, Bakkt finalized its acquisition of stablecoin infrastructure company Distributed Technologies Research, forming part of the company's strategic initiative to construct a round-the-clock digital settlement infrastructure layer powered by stablecoin technology and AI-driven payment systems.
The overall stablecoin market capitalization has experienced growth to approximately $323 billion from around $244 billion recorded one year earlier, representing an expansion of nearly 32%, based on data compiled by DefiLlama.
