Coinbase Begins Testing USDF, a New Custom-Backed Stablecoin on Its Platform
Coinbase has started testing a new stablecoin called USDF on its exchange platform. The move marks a step forward in the company's plans to expand its stablecoin services. For now, trading, deposits, and withdrawals remain unavailable while backend testing continues.
USDF is not created by Coinbase itself but by Flipcash, using the exchange's Custom Stablecoins feature. This system allows businesses to launch their own branded stablecoins, fully backed by USDC. Solflare and R2 have already partnered to develop custom stablecoins on the same infrastructure.
The testing phase focuses on evaluating USDF's security and performance within Coinbase's ecosystem. The stablecoin is fully collateralised with USDC, Coinbase's existing stablecoin partner. Further updates will be shared as the trial progresses. This initiative aligns with Coinbase's broader ambitions in cryptocurrency, including plans to explore stock-linked products and prediction markets. While no additional stablecoins developed directly by Coinbase have been announced, the company aims to scale its stablecoin offerings by 2026.
USDF introduces another option for users on Coinbase's platform, alongside its ongoing partnership with Circle for USDC. The testing reflects the company's push to strengthen its position in the growing stablecoin market. More details will emerge as the evaluation continues.
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