Isabella García
Coinbase Derivatives has announced plans to support USDC as collateral for futures trading, in collaboration with clearinghouse Nodal Clear. The initiative, targeting the U.S. market, aims to redefine margin requirements by allowing Circle’s USD-backed stablecoin to be used in place of fiat currency.
The move marks another strategic expansion of USDC within Coinbase’s ecosystem. Earlier this year, Coinbase extended BTC-backed USDC loans to $1 billion, following $130 million in initial lending activity. In late 2024, the company also began offering 4.7% APY on USDC held in Coinbase Wallets, incentivizing user adoption.
Launch Timeline and Regulatory Framework
According to a joint release, the two companies plan to finalize USDC as acceptable collateral for futures trades by 2026. Until then, traditional fiat remains the required margin asset, Coinbase Derivatives CEO Boris Ilyevsky told PRIME via email.
“Our collaboration now envisions a future where USDC can serve as a fiat-equivalent collateral,” Ilyevsky explained.
This follows the May 9 rollout of 24/7 Bitcoin and Ethereum futures for both institutional and retail users, a launch that came shortly after Coinbase’s $2.9 billion acquisition of Web3 derivatives exchange Deribit.
A Broader Stablecoin Trend and Industry Shift
USDC ranks as the second-largest U.S. dollar-pegged stablecoin on the Ethereum blockchain, trailing only Tether’s USDT. Its issuer, Circle, made headlines by going public on June 5, with its shares—traded under the ticker CRCL—closing at $149.15 on Tuesday.
Nodal Clear’s CEO Paul Cusenza emphasized the importance of the development in a statement:
“Our goal is to remain responsive to the evolving needs of the market. Integrating USDC is a logical step forward in supporting innovation within the regulated financial system,” he said.
Regulatory Oversight and Institutional Backing
Both Coinbase Derivatives and Nodal Clear operate under the supervision of the U.S. Commodity Futures Trading Commission (CFTC). Notably, Nodal Clear is a wholly owned subsidiary of the European Energy Exchange, itself part of Germany’s Deutsche Börse Group, adding a layer of institutional credibility to the initiative.
