Coinbase begins backend testing of new USDF stablecoin

The company said Tuesday that its Coinbase Markets account is testing a new stablecoin called USDF on its exchange backend, which it said was tested by Coin Base’s test of the currency. The token has been activated for operational testing only, with trading, deposits and withdrawals currently unavailable.

A new Coinbase Custom Stablecoin, USDF, has been enabled on Coinbase Exchange for operational testing.

Note > > Please note This is a backend test phase only. We have not yet made trading, deposits and withdrawals for . Watch more on ».

Coinbase Markets 🛡️ (@CoinbaseMarkets) January 27, 2026

The backend test is a very early stage of development, with Coinbase saying more updates will be posted as testing progresses. This move marks the emergence of an expansion of the company’s long-term stablecoin strategy beyond USDC, which it co-operates with Circle.

It comes as the announcement follows Coinbase’s wider push to launch new product features across its platform. The exchange, which announced plans to expand into areas such as stock linked products, perpetual futures trading, prediction markets and improved stablecoin issuance capabilities, was published late last year.

Late last year, Coinbase also revealed its Custom Stablecoin infrastructure as part of a wider push to expand its product portfolio. The framework allows theissuance of dollar-backed tokens to be fully collateralized with USDC and is now being used for development of USDF during its backend testing phase.

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