- Coinbase Derivatives and Nodal Clear partner to use USDC as futures collateral in the U.S.
- US regulators push to recognize USDC as cash equivalent, advancing stablecoin adoption.
- USDC integration enables faster settlements and secure custody in regulated futures markets.
Coinbase Derivatives has announced a partnership renewal with Nodal Clear to enable the use of USD Coin (USDC) as eligible collateral for futures contracts in U.S. markets. This integration, planned for implementation next year, aims to establish USDC as a cash equivalent in futures trading while providing operational efficiencies through near-instant money transfers and secure custody services.
The partnership between Coinbase Derivatives and Nodal Clear, a CFTC-regulated derivatives clearing organization affiliated with Deutsche Börse’s EEX Group, is part of a multi-year renewal agreement. Nodal Clear’s existing rigorous risk management framework aligns with USDC’s transparent reserve backing and regulatory compliance, facilitating the stablecoin’s acceptance as collateral.
The inclusion of USDC as collateral intends to enhance market participants’ trading capabilities by allowing the use of a widely trusted stablecoin with transparent reserves. It also leverages Coinbase Custody Trust, a qualified custodian regulated by the New York Department of Financial Services, to ensure secure asset custody during futures transactions.
Regulatory Environment Supporting Stablecoins
This development coincides with ongoing efforts by U.S. regulators and legislators to recognize stablecoins as cash equivalents within the financial system. Notably, Congress is advancing legislation that would formally affirm USDC’s status as equivalent to cash.
Additionally, the CFTC’s Global Markets Advisory Committee, under Acting Chairman Caroline D. Pham, recommended expanding the acceptance of non-cash collateral utilizing distributed ledger technology in November 2024.
Nodal Clear has also demonstrated innovation by launching the first 24×7 margined futures product in May 2025, reflecting the organization’s responsiveness to evolving market needs and technological advancements.
The move to integrate USDC as eligible collateral marks a significant step toward broader adoption of stablecoins in regulated derivatives markets. It provides a pathway for faster, more efficient settlement processes, supported by secure custody infrastructure. This plan also reflects ongoing regulatory momentum aimed at incorporating digital assets into traditional financial frameworks while maintaining compliance with oversight standards.
