Coinbase Gets CFTC Approval For Its Own USDC-Native Clearinghouse
The CFTC registered Coinbase Clearing LLC as a Derivatives Clearing Organization on Sept. 28, letting Coinbase run its own regulated clearinghouse for fully collateralized derivatives in the U.S. This completes a derivatives stack Coinbase has been building alongside Coinbase Derivatives LLC, which operates as a designated contract market, and Coinbase Financial Markets, which serves as a futures commission merchant. The new clearing entity can handle fully collateralized futures, options on futures, and swaps, but not broader leveraged derivatives products. Coinbase says the system is designed around USDC collateral and 24/7 settlement, aligning with crypto’s always-on market structure. The main significance is vertical integration: Coinbase now controls listing, brokerage access, and clearing under one regulated umbrella, reducing reliance on outside clearing infrastructure and bringing a crypto-style end-to-end derivatives model into the U.S. regulatory framework.
