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FollowingCoinbase 完成美国衍生品业务闭环
Coinbase 在美国获得了具有里程碑意义的监管批准。2026年9月28日，美国商品期货交易委员会（CFTC）通过委员会命令，正式将 Coinbase Clearing LLC 注册为衍生品清算组织。这一举措使 Coinbase 成为首个在同一司法管辖区内、同一公司架构下持有受监管交易所、经纪商和清算所牌照的数字资产公司。
内部化清算流程，强化自主控制
CFTC 批准 Coinbase Clearing LLC 作为美国衍生品清算机构，允许其清算全额抵押的期货、期货期权以及互换合约，但不包括杠杆产品。在此次注册之前，Coinbase Derivatives（该公司指定的 CFTC 合同市场）的交易需通过外部清算所 Nodal Clear 进行路由处理。Coinbase Clearing 将该安排转变为内部运营，赋予 Coinbase 对清算过程的直接控制权，而非依赖外部公司。
USDC 作为原生抵押品与全天候结算
Coinbase said its clearing house will use USDC as collateral and support round-the-clock clearing, positioning it as a "USDC-native" clearing house within the U.S. derivatives business. This is a significant difference from traditional clearing methods, which rely on bank hours and dollar-based payment tracks. Because USDC conducts settlement on the blockchain track rather than through the banking system, collateral transfers and margin calls can be carried out around the clock without waiting for banks to open. For professional traders who manage risk across time zones, this eliminates the time constraints historically imposed on dollar clearing.
Full trading life cycle
Despite approval, Coinbase's margin derivatives and planned single-share perpetual contracts will continue to rely on external clearing partners. With this approval, Coinbase operates three separate CFTC regulated entities in its U.S. derivatives business: Coinbase Financial Markets, Inc., a Futures Commission Merchant; Coinbase Derivatives, LLC, a Designated Contract Market for contract listing and trading; and Coinbase Clearing LLC, a new clearing and settlement level. The addition of Coinbase Clearing LLC fills the last piece of the puzzle in the structure, integrating the complete transaction life cycle-from execution to settlement-under a single blockchain-based system.
