Coinbase wins CFTC approval to launch its own clearinghouse

Coinbase won CFTC approval on Monday to launch Coinbase Clearing LLC, the first USDC-native derivatives clearinghouse. Coinbase Clearing gives the company a registered DCO. Coinbase also holds an FCM through Coinbase Financial Markets. It holds a DCM through Coinbase Derivatives. Together, those businesses allow Coinbase to create and settle fully collateralized contracts directly, using USDC as collateral. The infrastructure supports 24/7 settlement. Coinbase General Counsel Molly Abraham said the approval would enable more regulated derivatives products with native USDC collateral and 24/7 settlement. Coinbase said it will continue using partners for certain products, including its margined derivatives business and its upcoming single-stock perpetuals launch.