Coinbase Clears Path to Direct Derivatives Settlement with USDC-Native Clearinghouse

Coinbase has received approval from the US Commodity Futures Trading Commission (CFTC) to operate its own clearinghouse, Coinbase Clearing LLC. This move completes Coinbase's end-to-end derivatives stack and allows it to launch a USDC-native clearinghouse. The new unit will accept Circle's dollar-pegged stablecoin as collateral and settle trades 24/7.

The CFTC registration is significant for Coinbase, as it enables the company to create and settle fully collateralized contracts directly. This means faster product development, more efficient operations, and greater flexibility in bringing new regulated products to market. However, margined and leveraged products will still clear through outside partners, and single-stock perpetual contracts will rely on existing clearinghouses.

Coinbase Clearing applied for registration on November 14, 2025, and received approval on September 28, 2022. The company's general counsel, Molly Abraham, said that the CFTC approval completes Coinbase's end-to-end derivatives infrastructure, enabling it to bring more regulated derivatives products to market with native USDC collateral and 24/7 settlement.