Well, if you’ve ever tried to herd a flock of dollars with a string, you’ll appreciate Coinbase’s latest trick: they’re runnin’ a private trial of a token they call Flipcash USDF. It’s the sort of frontier fancy that says money can behave itself-at least long enough to test the breeze.
Coinbase has enabled internal testing of USDF on its platform. It’s another notch in the belt of their custom-stablecoin program, a notion as bold as a steamboat on a dry riverbed.
On X, Coinbase Markets notes that trading isn’t available just yet; deposits and withdrawals are still disabled. In other words, they’ve got the door open a crack for show, but the guests ain’t invited to kick off their boots.
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)
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
Flipcash, an infrastructure outfit in the crypto countryside, is cookin’ up the USDF, with an eye on public launch in early 2026. The main token for the Flipcash app will be USDF, and the backend test stage is just them makin’ sure the machinery doesn’t throw a rod before the circus comes to town.
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, like a well-oiled mule pullin’ a cart that knows its route.
Custom Tokens Target Enterprise Payment Solutions
The custom-stablecoin program aims at corporate payments, with apps like payroll processing and business settlements in its sights.
The technology also helps in cross-border transfer and liquidity management. These operations can be slow and expensive for traditional banking systems, which is a fancy way of sayin’ the horse isn’t always ready when you yell “giddy-up.”
Coinbase is also collaborating with Solflare and R2 to build custom stablecoins. The same framework is applied to the Solana wallet and the DeFi platform.
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Stablecoin Revenue Drives Coinbase Growth Strategy
Coinbase earned approximately 247 million stablecoins in Q4. The exchange rakes in a fee in partnership with Circle.
Coinbase also earns interest income on the usage of USDC. The dollar-pegged token remains a popular companion in crypto circles.
Transactions in global stablecoins reached 33 trillion in 2025, a 72 percent surge over 2024.
USDC processed 18.3 trillion in transaction volume. USDT, Tether’s stablecoin, transacted 13.3 trillion dollars, despite a larger market cap waving in the background.
In July 2025, the GENIUS Act was passed, which brought regulatory clarity. Industry players attribute the act to institutional adoption, which is a polite way of sayin’ the grown-ups came to the party with a proper invitation.
The volumes of stablecoins in Revolut rose 156 percent year over year to reach 10.5 billion. Digital dollars march on in daily payments, like stray cats finding a warm stove in winter.
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2026-01-29 01:28