Pharos can still tell you how this asset is supposed to work, when it expects to launch, and what sources to watch. Live market, peg, liquidity, and safety surfaces activate only after the first post-launch data sync.
First Coinbase Custom Stablecoin; 1:1 collateralized by USDC via Coinbase's stablecoin-as-a-service platform; backend testing confirmed Jan 2026; Coinbase Custom Stablecoins lets any business launch branded coins backed by USDC
Flipcash USDF
USDF
At a Glance
- Backing
- Real-World Asset Backed
- Governance
- CeFi-Dependent
- Peg Currency
- US Dollar
- Jurisdiction
- United States
Launch Timeline
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USDF launches as first Coinbase Custom Stablecoin
Flipcash's USDF is the first stablecoin issued through Coinbase's stablecoin-as-a-service platform, backed 1:1 by USDC.
SourceCoinbase's White-Label Dollar
USDF is the first stablecoin minted through Coinbase's Custom Stablecoins platform — a stablecoin-as-a-service product that lets any business launch a branded dollar backed 1:1 by USDC. Flipcash is the guinea pig, and the product itself is less interesting than the platform it proves out: if Custom Stablecoins works, every fintech, neobank, and loyalty program can have its own branded dollar without touching reserve management. The dependency chain is explicit — USDF is a wrapper around USDC, which is a wrapper around BlackRock-managed T-bills — and the governance is centralized-dependent because the token's existence depends on Coinbase continuing to operate the platform. Whether the world needs branded USDC wrappers or whether this is just a new distribution strategy for Circle's existing product is a question Coinbase would prefer you didn't ask too loudly.
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Related Stablecoins
Active stablecoins with similar governance, backing, or peg currency.
