In a groundbreaking move that could reshape the landscape of U.S. derivatives markets, Coinbase Derivatives and clearinghouse Nodal Clear are seeking regulatory approval to use the stablecoin USDC as collateral for margined futures trading. If approved by the Commodity Futures Trading Commission (CFTC), this initiative would mark the first time a stablecoin is formally allowed as collateral in regulated U.S. futures markets.
Coinbase, a leading cryptocurrency exchange, plans to have its Coinbase Custody Trust safeguard the USDC while Nodal Clear, a CFTC-regulated entity and part of the EEX Group under Deutsche Börse, would handle the clearing process. The firms are currently collaborating closely with U.S. regulators to secure the necessary approvals for this groundbreaking move, which is targeted for a 2026 launch.
The potential approval of USDC as collateral for margined futures in the U.S. would represent a significant regulatory milestone and set a precedent for future asset-backed digital currencies to play a similar role in mainstream finance. This decision could signal a shift in how regulators view stablecoins and further legitimize their use as digital equivalents to cash.
Boris Ilyevsky, CEO of Coinbase Derivatives, LLC, expressed the company’s commitment to enhancing trading capabilities for U.S. market participants, improving operational efficiency, and ensuring secure custody through the integration of USDC as collateral. Coinbase sees this move as a meaningful milestone in establishing USDC as a trusted financial tool beyond the realm of cryptocurrency markets.
The integration of USDC as collateral for futures trading comes as Coinbase continues to expand the use cases for the stablecoin, including its recent integration with Shopify over Base, Coinbase’s Layer 2 blockchain. This move underscores Coinbase’s broader effort to position USDC as a reliable “cash equivalent” and highlights the company’s ongoing efforts to bridge traditional market frameworks with digital asset infrastructure.
This collaboration between Coinbase Derivatives and Nodal Clear follows their successful launch of regulated futures trading for Bitcoin and Ether, further solidifying their commitment to innovating within the digital asset space. The fate of the proposal now rests with the CFTC, and if approved, it could pave the way for future collateral innovations in the U.S. derivatives market.
In conclusion, the potential approval of USDC as collateral for margined futures trading represents a significant step towards mainstream acceptance of stablecoins in traditional financial markets. This move has the potential to enhance operational efficiency, improve trading capabilities, and establish USDC as a reliable financial instrument in the U.S. derivatives landscape.
References:
1. Coinbase Derivatives, Nodal Clear Plan to Use USDC as Collateral for Futures Trades – https://www.coindesk.com/markets/2025/06/18/coinbase-derivatives-nodal-clear-plan-to-use-usdc-as-collateral-for-futures-trades
2. Coinbase Seeks Approval to Use USDC as Collateral in Regulated Futures Markets – https://www.financemagnates.com/cryptocurrency/coinbase-seeks-approval-to-use-usdc-as-collateral-in-regulated-futures-markets/
3. [Insert third credible source here]
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