Marex starts accepting USDC for derivatives margin under CFTC no-action relief
Coinbase provides custody, instant fiat-to-USDC conversion and reporting infrastructure as Prime Trading, LLC completes the first transaction in a regulated clearing workflow designed for round-the-clock collateral movement.
Marex has gone live with USDC as collateral for initial margin in its regulated U.S. derivatives clearing business, marking a step toward using stablecoins in traditional clearing systems. Prime Trading, LLC executed the first transaction through the new workflow, with the firm posting USDC as margin and Marex converting it to cash to support trading positions. Coinbase supplies custody, instant fiat-to-USDC conversion and bespoke reporting designed to fit existing clearing processes, while the collateral moves through a segregated, CFTC-compliant environment managed by Marex. The setup follows a December 2025 CFTC no-action letter that allowed clearing firms to use stablecoins as margin collateral within defined guardrails. Marex and Coinbase are pitching the model as a way to give firms 24/7 collateral mobility beyond banking hours, though the longer-term regulatory treatment of stablecoin margin remains a key issue to watch.
- initial margin: Collateral posted upfront to cover potential losses on a derivatives position.
- stablecoin: A digital token designed to maintain a stable value, often by being backed by reserve assets.
- CFTC no-action letter: Regulatory staff relief indicating enforcement action is not expected if specified conditions are met.