On June 18, 2025, Coinbase Derivatives announced it will accept USDC and BUIDL as collateral for margined futures contracts, pending CFTC approval. This move aims to boost capital efficiency and transparency for institutional traders globally. The integration will utilize Coinbase Custody Trust, a Qualified Custodian regulated by the New York Department of Financial Services.
USDC, a stablecoin, and BUIDL, a tokenized treasury managed by BlackRock with $2.9 billion in assets, will be used as collateral. Coinbase CEO Brian Armstrong highlighted that this is the first time USDC will be used as collateral in US futures markets. This aligns with the CFTC's efforts to modernize financial markets.
The CFTC's Global Markets Advisory Committee recommended expanding non-cash collateral use through distributed ledger technology in November 2024. This step aims to integrate blockchain technology into U.S. financial markets, improving operational efficiency and mitigating risks. This reflects a broader trend of integrating traditional instruments with digital assets.