CFTC Approves Coinbase Clearing as First USDC-Native Clearinghouse

The Commodity Futures Trading Commission registered Coinbase Clearing LLC as a derivatives clearing organization, making it the first USDC-native clearinghouse for derivatives in the United States, Coinbase (NASDAQ: $COIN) said Monday.

A clearinghouse sits between two parties in a futures or options trade, guaranteeing each side gets paid. That process traditionally runs on dollars moving through banks. Coinbase Clearing replaces those rails with USDC (CRYPTO: $USDC), Circle's dollar-pegged stablecoin, for both settlement and collateral.

Because USDC settles on blockchain rails rather than through the banking system, collateral transfers and margin calls can happen around the clock, without waiting for banks to open. For institutional traders managing risk across time zones, that removes a scheduling constraint that dollar-based clearing has historically imposed.

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The approval builds on groundwork the CFTC laid in December 2025, when the agency launched a digital assets pilot program permitting Bitcoin (CRYPTO: $BTC), Ether (CRYPTO: $ETH) and USDC as acceptable collateral in regulated derivatives markets. Coinbase moved to act on that opening by partnering with Nodal Clear, targeting a 2026 rollout of USDC-backed collateral for futures trading.