Coinbase to Use USDC Stablecoin as Collateral in US Futures Markets

Coinbase Derivatives announced an expansion of its partnership with clearinghouse Nodal Clear.

Under the agreement, Circle’s USDC stablecoin is set to become eligible collateral for margined futures trading on Coinbase Derivatives Exchange (CDE).

The integration requires approval from the Commodity Futures Trading Commission (CFTC), with both Coinbase and Nodal Clear actively working towards regulatory clearance for the USDC’s debut in US futures markets.

“A True Cash Equivalent”

“This is expected to be the first regulated use case of USDC as collateral in the US futures market, leveraging the Coinbase Custody Trust as custodian,” Coinbase Derivatives stated.

USDC’s debut as eligible collateral is targeted for sometime in 2026. Nodal Clear, a CFTC-regulated derivatives clearing organization owned by Deutsche Börse, facilitates clearing for Coinbase Derivatives.

Commenting on the initiative, Coinbase Derivatives highlighted the milestone: “This marks a significant step in establishing USDC as a true cash equivalent, offering efficiency through near-instantaneous transfers and enhanced custody.”

Existing Partnership

This collaboration builds upon an existing arrangement between the two firms.

In May, Nodal Clear enabled clearing for select cryptocurrency futures contracts on Coinbase Derivatives Exchange, including Bitcoin (BTI), Ether (ETI), nano Bitcoin (BIT), and nano Ether (ET) futures.

“Working with Coinbase Derivatives, we are excited to continue our relationship and provide innovation to the industry, such as our introduction of the first 24×7 margined futures in May 2025. The plans to integrate USDC as collateral represent our continued commitment to seek to be responsive to market needs and innovate,” Nodal Clear Chairman and CEO Paul Cusenza stated.

Recent developments involving USDC and Coinbase include Circle’s initial public offering (IPO) on NYSE on June 5th, and Coinbase’s own Nasdaq listing in April 2021.