The CFTC has conditionally allowed clearinghouses to use trust companies for the daily settlement of their members, a function previously reserved for banks. The decision opens a significant market: CME Group transferred an average of $8.7 billion per business day in the first half of 2026, up from $6.7 billion in 2025. Nodal Clear, which integrated USDC into US futures trading with Coinbase in 2025, could benefit in particular from this opening. BitGo, Coinbase, Circle, Ripple, Crypto.com and Bridge have simultaneously expanded their institutional financial services. However, the regulatory relief is revocable, banks are challenging crypto companies’ expansion, and the change in congressional control threatens the durability of this shift.
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