Coinbase and Marex Bring USDC into Traditional Derivatives Clearing System

Odaily reported that Coinbase officially announced that the regulated derivatives clearing business of UK financial services group Marex has officially begun supporting USDC as Initial Margin collateral, marking the first time a stablecoin has entered the operational flow of traditional clearing infrastructure. The first transaction was executed by Prime Trading, LLC, with Coinbase providing underlying infrastructure support, including custody services, instant 1:1 conversion between fiat currency and USDC, and a customized daily reporting system meeting clearing industry standards.

This business implementation was made possible by the "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 customer margin collateral.

Coinbase stated that USDC as collateral provides 24/7 liquidity, helping institutions break free from traditional banking hours and enabling margin funds to be transferred according to market operating hours. In this partnership, the core capabilities provided by Coinbase include:

24/7 instant fiat-to-USDC conversion: institutional clients can convert between USD and USDC at any time, improving margin deployment efficiency;

Customized reporting system: meeting asset record, reconciliation, and regulatory reporting requirements of traditional clearing systems;

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