Approval would mark the first time a regulated US market accepts a stablecoin as collateral
Circle’s USDC stablecoin is set to play a bigger role in traditional finance, with plans underway to use it as collateral in US futures trading. Coinbase Derivatives and Nodal Clear announced this week that they’re working to make USDC eligible for margin requirements in futures contracts. If approved, it would mark the first time a regulated US market accepts a stablecoin as collateral.
The move still needs a green light from the Commodity Futures Trading Commission (CFTC), which regulates both Coinbase Derivatives and Nodal Clear. If everything proceeds on schedule, the rollout could happen in 2026. Coinbase Custody Trust would hold the USDC funds, offering a secure and regulated storage solution.
USDC, issued by Circle and backed by cash and short-term US government debt, has long promoted itself as a reliable digital dollar. By introducing it into collateral systems for margined trading, Coinbase and Nodal aim to establish it as a practical cash equivalent. The benefits include faster settlement times and more flexibility in money movement, something traditional banks can’t always match.
Nodal Clear, which is part of the Deutsche Börse-owned EEX Group, has been active in building crypto futures markets. In May, it began clearing cryptocurrency futures on the Coinbase Derivatives Exchange, including contracts for Bitcoin, Ether, and their smaller-sized “nano” versions. This USDC collateral initiative builds on that foundation, and according to Nodal Clear CEO Paul Cusenza, it reflects growing market interest in integrating crypto and traditional finance infrastructure.
The announcement follows Circle’s debut on the New York Stock Exchange earlier this month, showing the growing footprint of stablecoins in regulated environments. With more financial institutions seeking to bridge the crypto and conventional markets, USDC’s move into the collateral space could signal a new era for how digital assets are utilized in everyday finance.
