Coinbase Completes US Derivatives Stack with Clearinghouse Approval

Coinbase has achieved a significant milestone in its US derivatives business by securing approval from the Commodity Futures Trading Commission (CFTC) for its own clearinghouse.

The CFTC registered Coinbase Clearing LLC as a derivatives clearing organization, allowing it to clear fully collateralized futures, options on futures, and swaps.

This approval gives Coinbase control over a function that previously depended on outside clearing partners, enabling the company to offer 24-hour settlement and USDC-based collateral for eligible contracts.

The new clearinghouse is part of Coinbase's vertically integrated US trading stack, which also includes its futures commission merchant (FCM) and designated contract market (DCM).

However, one of Coinbase's most ambitious planned products, single-stock perpetual futures, will initially remain outside the clearinghouse and continue to rely on existing partners for parts of its margined derivatives business.