Coinbase Wins CFTC Approval for 24/7 USDC Derivatives Clearing

Coinbase has completed a major U.S. derivatives facility expansion following the Commodity Futures Trading Commission’s approval of Coinbase Clearing LLC as a Derivatives Clearing Organization.

The Sept. 28 approval would allow the new company to clear fully secured commodity futures and options contracts and commodity swaps within Coinbase’s existing regulated commodities business.

The new registration establishes three related Coinbase companies with different roles in the U.S. derivatives industry. Coinbase Financial Markets is a Futures Commission Merchant, Coinbase Derivatives is a Designated Contract Market, and Coinbase Clearing offers clearing services for products for which it is registered. 

According to Coinbase, the registered businesses allow the company to offer fully integrated services for trading regulated derivative products.

A key component of the new clearinghouse is the use of USDC as a settlement currency. Coinbase states that Coinbase Clearing is the first USDC-native clearinghouse and that customers will be able to settle trades around the clock.

The CFTC registry lists the DCO and confirms that it has the authority to clear fully collateralized products. The CFTC doesn’t use the phrase “first USDC-native” in its own materials about Coinbase. USDC issued by Circle is a dollar-pegged currency that can be traded outside normal banking hours.

The approval applies only to parts of Coinbase’s derivatives business. Coinbase Clearing is approved to offer fully collateralized derivatives products. Other derivatives offered by Coinbase will continue to be cleared by third-party service providers. 

Read More: X Launches US Cashtag Trading With Coinbase, Kraken and Major Brokers

Spokespeople for Coinbase have indicated that planned single-stock perpetual products will also be offered by third-party service providers and subject to their own regulatory review.

Before obtaining DCO designation, Nodal Clear was the clearing provider for Coinbase Derivatives. Prior regulatory oversight of the exchange can be traced to LMX Labs, which changed its name to FairX before being purchased by Coinbase in 2022. The exchange was renamed Coinbase Derivatives in December 2023.

The new clearing service provides Coinbase with an alternative service option for certain products but does not replace all current clearing services.

CFTC data indicate that Coinbase Clearing submitted an application to register as a DCO on November 14, 2025. Documents submitted with its application included draft rules, other regulatory materials, and information about the company’s business and organizational structure. The CFTC added Coinbase Clearing to its list of registered DCOs on September 28, 2026, by Commission order.

Read More: Circle Extends Coinbase USDC Partnership Through 2029, Rejects Dividend Plans to Fuel Growth

Coinbase has not provided details on which of its contracts will be cleared by its new company or the timing of other new products. Coinbase plans to improve infrastructure for its current products and eventually introduce more products that are regulated and fully collateralized derivatives.

Currently, the approval allows for immediate clearing of USDC-denominated derivatives trades on Coinbase’s regulated U.S. derivatives platform. It does not affect rules applicable to other products requiring margin or proposed equity perpetuals.

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