Coinbase is testing a new stablecoin called USDF on its exchange backend, the company said on Tuesday through its Coinbase Markets account. The token has been enabled 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.

Please note: This is a backend test phase only. Trading, deposits, and withdrawals are currently unavailable. Stay tuned for more updates.

— Coinbase Markets 🛡️ (@CoinbaseMarkets) January 27, 2026

The backend test marks an early phase of development, with Coinbase saying additional updates will be shared as testing progresses. The move signals a potential expansion of the company’s stablecoin strategy beyond USDC, which it co-issues with Circle.

The announcement follows Coinbase’s broader push to roll out new product features across its platform. Late last year, the exchange outlined plans to expand into areas including stock linked products, perpetual futures trading, prediction markets, and enhanced stablecoin issuance capabilities.

As part of a broader push to expand its product suite, Coinbase also unveiled its Custom Stablecoin infrastructure late last year. The framework allows the issuance of dollar-backed tokens fully collateralized with USDC and is now being used to support the development of USDF during its backend testing phase.