Coinbase Clearing LLC has received approval from the U.S. Commodity Futures Trading Commission as a derivatives clearing organization, completing Coinbase’s regulated U.S. derivatives structure across brokerage, trading and clearing. The entity can clear fully collateralized futures, options on futures and swaps using USDC as collateral and supporting 24-hour settlement. Coinbase Financial Markets operates as a futures commission merchant, Coinbase Derivatives as a designated contract market and Coinbase Clearing as the registered clearinghouse. The company will continue using external arrangements for margined products and proposed single-stock perpetual futures, which remained approval pending on Sept. 30 after Coinbase filed its proposal on Sept. 18. Separately, Citi and Coinbase expanded a partnership linking fiat and digital payments through Coinbase Virtual Accounts and Spring by Citi, with automatic stablecoin-to-fiat conversion and Citi serving as the bank of record for institutional settlements. Keefe, Bruyette & Woods reinstated Coinbase at Outperform with a $237 price target, while Robert W. Baird raised its target to $205 from $130 and maintained a Neutral rating. The differing targets reflect debate over whether derivatives and prediction markets can offset pressure on Coinbase’s core trading-fee business after a Sept. 17 fee reduction for active traders. Coinbase shares were up 2.99% at $195.70 at the time of publication, according to Benzinga Pro.