The CFTC registry records Coinbase Clearing LLC as registered on 28 September 2026 under filing 64361. The Commission order permits it to clear fully collateralised futures, options on futures and swaps.
Coinbase describes the entity as a USDC-native clearinghouse and says it completes an end-to-end derivatives structure that also includes Coinbase Financial Markets as a futures commission merchant and Coinbase Derivatives as a designated contract market. Coinbase has not identified a first product or production launch date.
FMI WORLD analysis: Coinbase is bringing the exchange, broker and clearing layers of its regulated US derivatives business under one corporate stack. That can shorten product-development and settlement dependencies, but it also concentrates operational, liquidity and governance responsibilities inside the group.
The use of USDC collateral and round-the-clock settlement creates a different funding and control model from conventional business-day clearing. The registration is limited to fully collateralised products and does not authorise margined clearing beyond the order.
Coinbase derivatives customers, futures commission merchants, introducing brokers, liquidity providers, collateral and treasury teams, stablecoin issuers, compliance functions and competing US derivatives clearing organizations.
Watch for the first cleared contracts, production launch timing, participant onboarding, default-management and liquidity arrangements, USDC eligibility controls, settlement cut-offs and any expansion beyond the fully collateralised scope.
Verification boundary: The CFTC register establishes registration and permitted scope. Coinbase establishes its intended USDC collateral and 24-hour settlement model. Neither source establishes live clearing volumes, a launch date or approval for margined products.
Primary source: CFTC DCO registration record 64361.
FMI WORLD NEWSROOM reference: FMIWT-20261001-004.