Coinbase is currently testing USDF, a stablecoin developed by Flipcash, on its exchange backend as part of the "Coinbase Custom Stablecoins" initiative. This feature, launched in December, enables businesses to create branded USD stablecoins backed by Circle's USDC collateral, facilitating seamless transfers across Coinbase-compatible chains. While USDF is operational for testing, trading, deposit, and withdrawal functions are not yet available. The custom stablecoin feature offers businesses enhanced flexibility for payroll, B2B transactions, cross-border settlements, and fund management. Alongside Flipcash, Solflare and R2 are also working with Coinbase to develop their own customized stablecoin solutions.