Coinbase Expands Branded Stablecoin Infrastructure Business with USDF Launch

Coinbase, a leading cryptocurrency exchange, has expanded its infrastructure business by launching $USDF with Flipcash, a Solana-based stablecoin backed 1:1 by Circle's USD Coin. This new development comes as part of Coinbase's effort to provide businesses with the tools to launch their own branded digital currencies.

$USDF is designed to serve as the settlement asset for currencies created on Flipcash, a platform where users can launch fixed-supply digital currencies priced and transacted in the stablecoin. According to DefiLlama data, $USDC is the world's second-largest stablecoin by market capitalization, with roughly $77 billion in circulation.

Market capitalization of the stablecoin has climbed significantly over the past year, reaching nearly $323 billion from about $244 billion a year ago. This growth highlights the increasing demand for stablecoins as businesses seek to leverage blockchain technology for their financial operations.