Coinbase has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to register Coinbase Clearing LLC, marking the first clearinghouse to feature USDC as native margin. This approval completes Coinbase's full-stack CFTC-regulated derivatives infrastructure, joining its existing futures commission merchant and designated contract market entities under a unified regulatory framework. The new clearinghouse supports USDC collateral and 24/7 settlement, enabling Coinbase to directly create and settle fully collateralized contracts for the first time. This vertical integration is designed to accelerate product development and improve operational efficiency as the exchange prepares to roll out new regulated products. Coinbase will continue utilizing existing partners for specific offerings, including its margin derivatives business and upcoming single-stock perpetual contracts.