Coinbase and Flipcash Launch USDF on Solana

On May 21, 2026, Coinbase and payments firm Flipcash launched USDF, a Solana-native stablecoin backed 1:1 by USDC held in Coinbase custody. Flipcash is the first live partner on Coinbase’s Custom Stablecoin platform, a white-label issuance service for branded dollar tokens.

Under the arrangement, Coinbase holds the USDC reserves and manages custody, settlement and compliance. Flipcash issued USDF on Solana and operates the user-facing product, payments infrastructure and token distribution. Each USDF in circulation is matched by one USDC held in Coinbase custody and can be redeemed through Flipcash with settlement handled by Coinbase’s systems.

Partners must complete a compliance and due-diligence review before Coinbase approves issuance. After approval, Coinbase provides custody and settlement infrastructure while the partner deploys the branded token on its chosen blockchain and runs the front-end services for users.

Flipcash deployed USDF on Solana to support consumer payments involving frequent small-value transfers. Solana’s lower transaction costs and higher throughput are suited to that use case. The launch on Solana, rather than Coinbase’s own Base network, shows the Custom Stablecoin platform accepts issuance on multiple blockchains.

Coinbase described the USDF rollout as a live production deployment rather than a pilot. Custody, reserve management, smart contract deployment and peg maintenance are operating in production for the platform.

Coinbase’s Custom Stablecoin product offers a white-label option that pairs branded tokens with Coinbase custody and compliance. The product differs from direct USDC distribution by Circle and from API-first stablecoin services such as Bridge (now part of Stripe) in that Coinbase handles reserves and institutional custody while partners run the payment product layer.

Flipcash is a payments platform; public details about its user base are limited. Coinbase reviewed Flipcash’s compliance and regulatory readiness before approving it as the inaugural partner on the platform.

Under the Custom Stablecoin arrangement, Coinbase holds and manages the USDC backing for third-party branded stablecoins and provides settlement infrastructure. Partner businesses can issue a branded dollar token and operate the distribution and product layer without building their own custody, reserve-management or regulatory frameworks.