$USDC

Coinbase to deploy USDC stablecoin as collateral in U.S. futures trading🚀🚀💵💰

Coinbase Global's (NASDAQ:COIN) derivatives arm has struck a deal to use the USDC (USDC-USD) stablecoin as collateral for U.S. futures trading under a new deal with clearing house Nodal Clear, it said on Wednesday.

The crypto exchange is aiming for the first regulated use of a stablecoin as margin in the U.S. derivatives market, it said in a blog post, as such price-stable tokens are becoming more mainstream across trading, as well as global payments.

USDC (USDC-USD) is the dollar-pegged stablecoin issued by Circle Internet Financial (CRCL). Its market cap stood at $61.5B at press time, making it the world's second-largest price-stable token. Coinbase (NASDAQ:COIN) owns a minority stake in Circle.

Coinbase's (COIN) derivatives expansion "reflects our dedication to enhance trading capabilities for US market participants, improve operational efficiency through almost instant money movement, and ensure secure custody via Coinbase Custody Trust, a Qualified Custodian regulated by the New York Department of Financial Services," said Coinbase Derivatives CEO Boris Ilyevsky.

Earlier, Coinbase (COIN) introduced a stablecoin payments stack for commerce platforms.