Coinbase Clears Derivatives
CFTC Approves Coinbase Clearing LLC as a Regulated USDC Derivatives Clearinghouse
Anonymous
The CFTC registered Coinbase Clearing LLC as a derivatives clearing organization, completing Coinbase’s in-house U.S. regulated derivatives stack alongside its existing exchange and brokerage authorizations. Coinbase is bringing clearing in-house from third-party provider Nodal Clear. The clearinghouse may handle only fully collateralized futures, options on futures and swaps; Coinbase will continue using outside clearing partners for leveraged and certain margined products. Coinbase says using USDC for collateral and settlement will enable transfers and settlement around the clock, unlike traditional bank-based processes. The move expands stablecoin use in regulated institutional markets.
Key Points
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The approval builds on a CFTC digital-assets pilot launched in December 2025 that allowed Bitcoin, Ether and USDC to be used as collateral in regulated derivatives markets.
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Coinbase said direct clearing would let it create and settle fully collateralized contracts itself, enabling faster product development, more efficient operations and greater flexibility to introduce regulated products.
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Coinbase Financial Markets had previously become the first CFTC-regulated futures commission merchant to connect U.S. clients to global crypto perpetuals, an earlier step in the company’s expansion into derivatives.
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Coinbase said it would continue relying on outside partners for certain products, specifically its margined derivatives business and its planned launch of single-stock perpetuals.
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