Marex Breaks Ground with USDC Margin Collateral for Cleared Derivatives
Marex Group has made history by accepting USDC as margin collateral for cleared derivatives regulated by the CFTC. The first transaction under this program was facilitated by Prime Trading LLC, a Chicago-based proprietary trading firm.
This milestone marks a significant step towards the integration of stablecoins in traditional financial markets. Marex's announcement on July 16 stated that clients can post USDC as initial-margin collateral for cleared derivatives regulated by the CFTC, with Coinbase providing NYDFS-qualified custody and 1:1 instant fiat-to-USDC conversion.
The success of this transaction relies on a no-action letter issued by the CFTC staff in December 2025 (Letter 25-40) and reissued in February 2026 (Letter 26-05). This letter allows FCMs to accept eligible payment stablecoins, including USDC, as margin collateral under certain conditions. These conditions include valuation, haircuts, segregation, and reporting requirements.
The CFTC's relief is limited to cleared trades only, and it does not cover uncleared swaps under Regulation 23.156. The FCM itself must run the valuation, haircut, and segregation conditions demanded by the letters. This highlights the complexity of stablecoin collateral workflows, requiring multiple parties and regulatory oversight.