$USDC $USDC

Coinbase and Nodal Clear Advance USDC Collateral Integration in U.S. Futures

Date: June 18, 2025

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Overview

Coinbase Derivatives, a CFTC-registered designated contract market, has partnered with Nodal Clear—a CFTC‑regulated derivatives clearing organization affiliated with EEX Group/Deutsche Börse—to enable USD Coin (USDC) as collateral for margined futures trading in the U.S. Upon approval from the Commodity Futures Trading Commission (CFTC), this initiative will represent the first regulated use of USDC as collateral in U.S. futures markets .

What’s New

First-of-its-kind move: If approved, USDC will be the first stablecoin to be accepted as collateral in regulated U.S. futures markets .

Custody and clearing setup: Coinbase Custody Trust will safeguard the USDC, while Nodal Clear will handle the clearing infrastructure .

Target launch: The debut is expected in 2026, subject to regulatory approval .

Why It Matters

Digital cash equivalent: Coinbase emphasizes that enabling USDC as collateral marks a significant step toward treating it as a “true cash equivalent,” offering near-instant money movement, operational efficiency, and tight regulatory compliance .

Stablecoin maturation: This move highlights the evolving role of stablecoins in mainstream finance, and possibly paves the way for their greater regulatory acceptance .

Voices from Coinbase & Nodal

Boris Ilyevsky (COO, Coinbase Derivatives, LLC): “Our commitment to integrate USDC as collateral reflects our dedication to enhance trading capabilities for U.S. market participants, improve operational efficiency through almost instant money movement, and ensure secure custody via Coinbase Custody Trust” .

Paul Cusenza (Chairman & CEO, Nodal Clear): He described this integration as a “continued commitment to seek to be responsive to market needs and innovate,” especially following their recent rollout of 24/7 margined crypto futures in May 2025.