Coinbase Gains CFTC Approval for USDC-Native Clearinghouse
- Coinbase Clearing LLC is now registered by the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization.
- The registration allows Coinbase to clear fully collateralized futures, options on futures, and swaps.
- The clearinghouse will use USDC collateral and support a 24/7 settlement model.
- Coinbase now controls three regulated components in derivatives, including a designated contract market and a futures commission merchant.
- This move integrates clearing services with Coinbase’s existing exchange and brokerage infrastructure.
Coinbase’s recent approval by the CFTC marks the completion of its U.S.-based derivatives stack, allowing it to operate its own regulated clearinghouse for fully collateralized products using USDC collateral. This development enhances Coinbase’s control over its derivatives operations by integrating clearing services with its existing exchange and brokerage infrastructure.
By obtaining this registration, Coinbase strengthens its position in the derivatives market with an end-to-end model under U.S. regulation, reducing reliance on external clearing infrastructures while ensuring compliance with regulatory requirements for fully collateralized products. (Source)
