Coinbase begins an internal pilot of Flipcash USDF stablecoin. The use of custom tokens is becoming a reality with global stablecoin trading volumes reaching 33 trillion in 2025.

Coinbase has enabled internal testing of USDF on its platform. This is another step towards its custom-stablecoin program.

Coinbase Markets on X notes that trading remains unavailable at this stage. Deposit and withdrawals are still disabled.

A new Coinbase Custom Stablecoin, USDF, has been enabled on Coinbase Exchange for operational testing.

Please note: This is a backend test phase only. Trading, deposits, and withdrawals are currently unavailable. Stay tuned for more updates.

— Coinbase Markets 🛡️ (@CoinbaseMarkets) January 27, 2026

Source: CoinbaseMarkets 

The token is Coinbase Custom Stablecoins connected with the USDF, which was announced in December. In this program, companies can issue proprietary tokens pegged to the USDC of Circle.

Flipcash Prepares USDF for Early 2026 Launch

Infrastructure crypto company Flipcash is developing the USDF, which is due to be launched publicly in early 2026.

The primary token to be used on the Flipcash app will be USDF. The back-end test stage assures that the technical infrastructure is prepared prior to the actual launch.

The structure of Coinbase enables companies to gain rewards on the use of tokens. Frictionless money transfer occurs when firms transfer funds across supported blockchains.

Custom Tokens Target Enterprise Payment Solutions

The custom-stablecoin program addresses the issue of corporates making payments, and it has applications like payroll processing and business settlements.

The technology also helps in cross-border transfer and liquidity management. These operations can be slow and expensive for traditional banking systems.

Coinbase is also collaborating with Solflare and R2 to build custom stablecoins. The same framework is applied to the Solana wallet and DeFi platform.

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Stablecoin Revenue Drives Coinbase Growth Strategy

Coinbase earned approximately 247million stablecoins in Q4. The exchange generates a fee in collaboration with Circle.

Coinbase also earns interest income on the usage of USDC. The dollar-pegged token is still popular in the crypto markets.

Transactions in global stablecoins reached 33 trillion in 2025, a 72 percent higher amount compared to 2024.

USDC processed 18.3 trillion in volume of transactions. USDT, the stablecoin of Tether, transacted 13.3 trillion dollars, despite having a greater market cap.

In July 2025, the GENIUS Act was passed, which brought regulatory clarity. Players in the industry attribute the act to institutional adoption.

The volumes of stablecoins in Revolut increased 156 percent annually to reach 10.5 billion. Digital dollars are trudging on in daily payments.