Kik founder's latest app Flipcash first to tap Coinbase's stablecoin-as-a-service platform

Flipcash has tapped Coinbase’s Custom Stablecoin platform to launch a native stablecoin on Solana, according to an announcement on Wednesday. 

The token, USDF, will be used for "cash-like payments" within the Flipcash app, the platform founded by Kik creator Ted Livingston that enables users to create and trade their own fixed-supply "community currencies."

USDF will be pegged 1:1 to the U.S. dollar and fully backed by USDC. Coinbase’s custom stablecoin platform handles issuance, reserves, compliance, and other features. 

"We launched USDF with Coinbase because they delivered everything we needed to power a seamless consumer experience in Flipcash," Livingston said. "Their team has been impressive, both in how fast they move and how thoughtful they are about the end user."

Coinbase rolled out its stablecoin-as-a-service offering in late 2025, enabling companies to launch branded stablecoins without needing to spin up their own infrastructure or handle other compliance-heavy aspects of token issuance. 

Flipcash’s USDF is the first Coinbase-powered stablecoin to hit the market, according to Livingston, though Solflare and R2 were also announced as early partners. 

Paxos arguably has the most widely adopted stablecoin-as-a-service platform, having issued PayPal’s PYUSD and Binance’s now-defunct BUSD, among others. Though it has become an increasingly competitive field, with Stripe-owned Bridge and custodians like Anchorage, among others, launching stablecoin issuance platforms. 

The move comes on the heels of Hyperliquid tapping Coinbase as its official USDC treasury deployer

Flipcash is a digital payments app built on Solana. Livingston is also the founder of the Kik messaging platform, which launched a token called Kin that was subject to a multi-year Securities and Exchange Commission probe.