The CFTC registered Coinbase Clearing LLC as a derivatives clearing organization on September 28, making it the first USDC-native clearinghouse for derivatives in the US. This registration allows Coinbase to replace traditional dollar banking rails with USDC stablecoin for settlement and collateral in derivatives trading. This milestone is the culmination of a strategy that began with the CFTC’s December 2025 digital assets pilot program, which authorized Bitcoin, Ether, and USDC as acceptable collateral in regulated derivatives markets. USDC-native settlement enables around-the-clock collateral transfers without waiting for banks to open. For Coinbase, this registration provides a vertically integrated stack of trade execution, custody, and clearing services under one corporate umbrella.
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