Coinbase is making a decisive push into enterprise blockchain infrastructure with the launch of Custom Stablecoins, a new stablecoin-as-a-service platform designed to let businesses create their own branded digital dollars without building complex crypto infrastructure from scratch. Announced via a company blog post, the initiative comes at a time when stablecoins have firmly established themselves as the backbone of the onchain economy, powering global payments, trading, and settlements around the clock.
According to Coinbase, stablecoins already facilitated roughly $9 trillion in adjusted annual transaction volume in 2025 alone and are projected to grow into a $1.9 trillion market by 2030, citing estimates from Citi. Against this backdrop, the exchange argues that enterprises have long been constrained by a “renting” model, relying on third-party stablecoin issuers like USDC or USDT to access liquidity while having little control over branding, user experience, or revenue participation. Custom Stablecoins are intended to change that dynamic by allowing companies to issue their own tokens while Coinbase manages the heavy lifting.
Under the new offering, businesses can launch a custom-branded stablecoin that is fully backed 1:1 by a flexible mix of USD-denominated stablecoins, including USDC, with reserves held in segregated wallets and custodied by Coinbase. The platform handles smart contract deployment, chain management, security, redemption, and compliance, enabling firms to focus on how the stablecoin integrates into their products or payment flows rather than the underlying mechanics. Coinbase also emphasizes seamless interoperability, with zero-fee, instant swaps between USDC and any Custom Stablecoin, effectively plugging issuers into the existing global USDC liquidity network from day one.
Beyond infrastructure and distribution, Coinbase is positioning Custom Stablecoins as a potential revenue-generating tool. Businesses can reportedly earn rewards based on the total circulating supply of their stablecoin, with rewards accrued daily and paid out periodically to Coinbase Prime accounts at prevailing rates, net of service fees. This introduces an incentive model that traditional stablecoin usage does not typically offer to end issuers, potentially appealing to fintechs, wallets, and payment platforms seeking new monetization avenues.
Several early partners, including Flipcash, Solflare, and R2, are already exploring launches under the program, signaling initial interest from crypto-native and financial application developers. However, the broader value proposition remains open to debate. For many businesses, issuing a proprietary stablecoin may add complexity without clear advantages over simply adopting established, widely trusted assets like USDC or USDT. Brand differentiation and reward participation may appeal to some, but regulatory considerations, user education, and operational risk could deter others, particularly those new to digital assets.
From a market perspective, Coinbase’s move underscores a growing trend toward modular financial infrastructure, where large platforms abstract away complexity and compliance to accelerate adoption. If successful, Custom Stablecoins could deepen Coinbase’s role as a core service provider for the next wave of onchain commerce. At the same time, the initiative raises questions about fragmentation in the stablecoin landscape and whether users truly want more branded dollars or simply better access to the ones they already trust. As stablecoins continue their rapid march into mainstream finance, Coinbase’s experiment will serve as a key test of how much customization enterprises actually need in a dollar-denominated digital economy.
