Coinbase and Marex Bring USDC into Traditional Derivatives Clearing Systems

Odaily reported that Coinbase officially announced that the regulated derivatives clearing business of UK financial services group Marex has now formally supported the use of USDC as Initial Margin collateral. This marks the first entry of a stablecoin into the actual operational processes of traditional clearing infrastructure. The first transaction was completed by Prime Trading, LLC, with Coinbase providing the underlying infrastructure support, including custody services, 1:1 instant conversion between fiat currency and USDC, and a customized daily reporting system that meets clearing industry standards.

The implementation of this business was made possible by a "No-Action Letter" issued by the U.S. Commodity Futures Trading Commission (CFTC) in December 2025. This policy opens the door for Futures Commission Merchants (FCMs) to accept stablecoins, Bitcoin, and Ethereum as client margin collateral.

Coinbase stated that USDC, as a collateral asset, can provide round-the-clock liquidity, helping institutions break free from the limitations of traditional banking hours, allowing margin funds to be transferred in line with market operating hours. In this partnership, the core capabilities provided by Coinbase include:

24/7 instant conversion between fiat currency and USDC: Institutional clients can convert between USD and USDC at any time, improving the efficiency of margin allocation;

Customized reporting system: Meets the requirements of traditional clearing systems for asset recording, reconciliation, and regulatory reporting;

NYDFS-compliant custody: Provides institutional-grade security for USDC collateral assets.