Coinbase tests buildout of bespoke stablecoin infrastructure for corporates

YM Lee

Summary

Coinbase said it is piloting Flipcash’s USDF in its internal systems ahead of launching a bespoke stablecoin service for corporates.
It said the custom stablecoin would be issued with USDC as collateral and could be used for payments, payroll, B2B transactions, cross-border remittances and treasury management.
Coinbase said it secures interest income and fees through USDC listings and has made stablecoins a core growth pillar, posting about $247 million in related revenue in the fourth quarter last year.

Coinbase, the largest crypto exchange in the United States, has entered a full-scale technical validation phase ahead of the launch of a bespoke stablecoin service for corporates. The buildout of infrastructure that would allow companies to issue their own branded dollar-pegged tokens is coming into view.

According to Cointelegraph on the 27th (local time), Coinbase is running a pilot of USDF, a stablecoin being developed by Flipcash, within the exchange’s internal systems. The test is being conducted as part of the “Coinbase Custom Stablecoins” feature unveiled in December last year.

Via X, Coinbase said that “the new Coinbase Custom Stablecoin, USDF, has been enabled on the Coinbase exchange for operational testing purposes,” adding that “this phase is limited to backend testing and trading, deposits and withdrawals are not yet available.”

The custom stablecoin feature is designed to let companies issue their own dollar-pegged tokens and move funds freely across blockchains supported by Coinbase. The tokens are minted with Circle’s U.S. dollar stablecoin, USDC, as collateral, and companies can use them across a range of areas including payments, payroll, business-to-business transactions, cross-border remittances and treasury management.

USDF is a stablecoin under development by Flipcash, a crypto infrastructure company, with an expected launch in early 2026. After launch, it is slated to be used as a primary payment method within the Flipcash application. In addition, Solana-based self-custody wallet Solflare and decentralized finance platform R2 are also preparing to launch their own stablecoins in collaboration with Coinbase.

Coinbase’s stablecoin business is being run around its partnership with Circle. Coinbase secures interest income and various fees through USDC listings and is positioning stablecoins as a core growth driver. In fact, Coinbase posted about $247 million in stablecoin-related revenue in the fourth quarter alone last year.

USDC