Flipcash launches USDF stablecoin on Solana via Coinbase

Flipcash announced on Wednesday that it has launched USDF, a Solana-native stablecoin pegged 1:1 to the U.S. dollar and fully backed by USDC. Coinbase's Custom Stablecoin platform will issue the token for use inside the Flipcash app.

USDF will be used for “cash-like payments” within Flipcash, a payments app on Solana that enables users to create and trade fixed-supply community currencies and to move value inside its ecosystem.

Coinbase's service will handle issuance, reserve custody, compliance and other operational functions for USDF, allowing Flipcash to offer a branded dollar-linked token without building its own stablecoin infrastructure.

Coinbase introduced its stablecoin-as-a-service product in late 2025. According to Ted Livingston, USDF is the first stablecoin issued through Coinbase's platform to reach the market; Solflare and R2 were named as early partners when the platform launched.

Other firms provide white-label stablecoin and treasury services. Paxos has issued PayPal's PYUSD and previously issued Binance's BUSD. Stripe-owned Bridge and custody providers such as Anchorage also offer issuance and custody solutions for dollar-linked tokens.

Flipcash's USDF will rely on USDC reserves to maintain the peg, with Coinbase responsible for managing those reserves and the compliance processes tied to issuing the token. The issuance follows recent instances of companies tapping Coinbase for treasury or stablecoin services.

Flipcash was founded by Ted Livingston, who previously built the Kik messaging app. Kik issued the Kin token, which was the subject of a multiyear Securities and Exchange Commission probe.

Livingston commented that Coinbase delivered the capabilities needed to “power a seamless consumer experience in Flipcash,” and described the Coinbase team as “impressive, both in how fast they move and how thoughtful they are about the end user.”