Coinbase said Marex, a U.K. financial services group, has formally enabled USDC as collateral for initial margin in its regulated derivatives clearing business, bringing a stablecoin into the operational flow of traditional clearing infrastructure.
First transaction completed
The first transaction in the setup was completed by Prime Trading, LLC, according to Coinbase. The exchange said it provided the underlying infrastructure for the process, including custody, instant 1:1 conversion between fiat and USDC, and a customized daily reporting system designed to meet clearing-industry standards.
CFTC no-action letter opened the path
Coinbase said the rollout was made possible by a no-action letter issued by the U.S. Commodity Futures Trading Commission, or CFTC, in December 2025. Under that policy, futures commission merchants, or FCMs, were given room to accept stablecoins, Bitcoin and Ether as customer margin collateral.
What Coinbase is providing
In the Marex arrangement, Coinbase said its role centers on three capabilities:
- 24/7 instant conversion between fiat and USDC, allowing institutional clients to move between U.S. dollars and USDC at any time.
- A customized reporting framework built for asset records, reconciliation and regulatory reporting within traditional clearing systems.
- Custody that complies with New York State Department of Financial Services, or NYDFS, requirements, aimed at providing institutional-grade protection for USDC posted as collateral.
How Coinbase described USDC's use
Coinbase said USDC can provide around-the-clock liquidity as a collateral asset, giving institutions a way to move margin in step with market trading hours instead of being limited by traditional banking schedules.