The CFTC approved Coinbase Clearing as a clearinghouse (DCO), so Coinbase now runs its own exchange, broker and clearing in the US.

Coinbase calls it the first USDC-native clearinghouse: it takes USDC as collateral and settles 24/7. The license covers only fully collateralized futures, options and swaps, so no margin.

Margined derivatives and the single-stock perps Coinbase plans to launch will keep relying on outside partners.

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