Coinbase Derivatives, the crypto and traditional asset futures contracts platform out of the crypto exchange Coinbase, tapped clearinghouse Nodal Clear to integrate Circle’s stablecoin USDC as collateral for futures trading in the United States.
The move further expands USDC’s presence in the Coinbase ecosystem. In April, the firm increased its BTC-backed USDC loans to $1 billion after recording $130 million in loan originations. It also began offering 4.7% APY rewards to Coinbase Wallet users who hold USDC in November 2024.
Coinbase and Nodal Clear aim to finalize USDC as collateral for U.S. futures trading sometime in 2026, according to a company release.
“Currently, fiat is the accepted form of collateral which meets margin requirements set by the clearinghouse,” Coinbase Derivatives CEO Boris Ilyevsky told The Block in an email. “Our partnership now includes plans to make USDC a fiat equivalent.”
Coinbase had previously worked with Nodal Clear to offer round-the-clock Bitcoin and Ethereum futures trading for retail and institutional clients starting on May 9, shortly after Coinbase agreed to acquire the web3 derivatives exchange Deribit for $2.9 billion, The Block previously reported.
“The plans to integrate USDC as collateral represent our continued commitment to seek to be responsive to market needs and innovate,” said Nodal Clear Chairman and CEO Paul Cusenza in a statement. “We look forward to engaging with our clearing members and the CFTC in seeking to make this a reality.”
USDC is the second-largest USD-pegged Ethereum-based stablecoin, behind Tether’s USDT, in terms of market capitalization and usage. The token’s issuer, Circle, went public on June 5, with the firm’s stock, CRCL, closing Tuesday at $149.15 per share, according to the NYSE.
Both Coinbase Derivatives and Nodal Clear are regulated by the U.S. financial regulator Commodity Futures Trading Commission (CFTC). Nodal Clear is a subsidiary of the European Energy Exchange, which is in turn owned by the German multinational corporation Deutsche Börse.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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