---
title: "Flipcash USDF (USDF) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdf-flipcash/"
description: "Build-time stablecoin profile for Flipcash USDF (USDF). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Flipcash USDF (USDF)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** CeFi-Dependent

**Status:** pre-launch

## Overview

Flipcash's USDF is the first Coinbase Custom Stablecoin, a USDC wrapper used to prove out the stablecoin-as-a-service platform. 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 {{term:treasury}}T-bills{{/term}} — 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.

## Collateral

1:1 collateralized by USDC via Coinbase's Custom Stablecoins platform; reserves managed by Coinbase infrastructure

## Peg Mechanism

Coinbase Custom Stablecoin model: Coinbase handles issuance, redemption, custody, security, and compliance; USDF is designed to maintain a stable U.S. dollar value and relies on Coinbase-managed reserve backing and redemption mechanics

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| United States | N/A | N/A |

## Live Data

This is a pre-launch stablecoin profile. Live API data is not available until launch.