Coinbase testing custom stablecoin service for businesses

Coinbase has begun pilot testing a service to help businesses issue their own stablecoins, Cointelegraph reported. The service, called Coinbase Custom Stablecoins, was first announced in December 2023 and is designed to help companies earn rewards and transfer funds freely across different blockchains. The first test involves USDF, a stablecoin under development by crypto infrastructure platform Flipcash, which will serve as the native stablecoin for the Flipcash app upon its launch. Coinbase explained that USDF has been activated on its exchange for backend testing but is not yet available for trading, deposits, or withdrawals.