Coinbase secured CFTC approval on September 28 for Coinbase Clearing LLC, its own registered derivatives clearinghouse, completing its vertically integrated US derivatives trading stack. The new infrastructure allows the platform to directly clear fully collateralized futures and options, with USDC as collateral and 24-hour settlement capabilities. Coinbase now operates across the three main layers of the regulated US derivatives market: futures commission merchant, designated contract market, and registered clearinghouse. However, its planned single-stock perpetual futures, with Apple as the representative contract, remain pending separate regulatory approval and will initially rely on Nodal Clear LLC as the central counterparty rather than Coinbase’s own clearing infrastructure.
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