Coinbase Tests USDF Stablecoin in Backend Systems as Custom Stablecoin Program Expands

• Coinbase is testing USDF internally, with no trading or transfers enabled yet.
• Custom stablecoins aim to streamline payments and cross-chain fund movement.
• Stablecoins drove $247M Q4 revenue and $33T in 2025 transaction volume.

Coinbase has begun internal operational testing of the USDF stablecoin, a dollar-backed token being developed by crypto infrastructure firm Flipcash. The test phase runs on Coinbase Exchange systems and does not support trading, deposits, or withdrawals, according to the company.

The USDF stablecoin is part of Coinbase’s Custom Stablecoins framework, introduced in December to allow companies to issue branded stablecoins backed by Circle’s USDC. The program aims to help businesses move funds across supported blockchains while earning rewards linked to token activity.

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