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Coinbase and Flipcash Launch Solana-Based Stablecoin USDF for Payments

Coinbase and Flipcash Launch Solana-Based Stablecoin USDF for Payments

Flipcash launched USDF on Solana as the first application using Coinbase’s stablecoin-as-a-service platform, with the token pegged to the U.S. dollar and fully backed by USDC for in-app payments.

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Fact Check
All core elements of the claim are confirmed by multiple authoritative sources. The official @CoinbaseDev X account directly announced USDF going live on May 20, 2026, and the official @solana account independently confirmed the same. Crypto Briefing's two articles provide detailed corroboration: USDF is indeed Solana-based, issued through Coinbase's Custom Stablecoin platform, backed by USDC, and designed for payment use cases (payroll, B2B payments, cross-border settlements). The claim's assertion that this could increase USDC demand is structurally accurate since all custom stablecoins are USDC-backed per the Crypto Briefing reporting. The revenue angle is supported by Crypto Briefing noting Coinbase's stablecoin services generated ~$247 million in 2024. Flipcash's own @flipcash account retweeted the CoinbaseDev announcement, providing further confirmation. The only minor nuance is that one Crypto Briefing article notes the token was initially in 'operational-only testing' before full public launch, but the live launch on May 20, 2026 is unambiguously confirmed across all sources.
Summary

Coinbase and Flipcash launched USDF, a Solana-based stablecoin for payments inside the Flipcash app. New reporting states that USDF is the first application built on Coinbase’s stablecoin-as-a-service platform. The token is pegged 1:1 to the U.S. dollar and fully backed by USDC, reinforcing its role as a cash-like payment instrument within the app.

Terms & Concepts
  • USDC: A dollar-pegged stablecoin intended to maintain a value of one U.S. dollar and used for digital payments, transfers, and settlement.
  • Stablecoin: A cryptocurrency designed to keep a stable value, usually by being pegged to an asset such as the U.S. dollar.
  • Solana: A blockchain network known for high-speed, low-cost transactions and commonly used for payment and application activity.