Coinbase is moving closer to launching custom stablecoins after enabling backend testing of Flipcash’s USDF token on its exchange infrastructure. The test is part of Coinbase Custom Stablecoins, a feature introduced in December to support business-issued, dollar-backed tokens collateralized by USDC.
The initiative reflects growing institutional interest in stablecoins for payments, treasury management, and cross-border settlement. Coinbase has positioned the product as infrastructure rather than a consumer-facing asset, with testing limited to internal operations and no trading or transfers currently available.
Strategically, the move deepens Coinbase’s exposure to the stablecoin economy while complementing its existing partnership with Circle. Stablecoins already represent a meaningful revenue stream for the exchange, and the broader market continues to expand amid regulatory scrutiny and rising demand for programmable, dollar-denominated settlement assets.
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