just now
Marex Group Limited (NASDAQ: MRX), the diversified financial services platform, has announced that clients will be able to use USDC, a regulated, fully reserved dollar-denominated stablecoin issued by Circle, as initial margin (IM) collateral.
The initiative has been enabled in collaboration with Coinbase, and is intended to assist clients in deploying their digital asset portfolios more effectively while tapping into the benefits of blockchain-native transfer rails. Coinbase provides the underlying infrastructure supporting custody, on/off-ramps, and reporting required for this capability.
Stephen Hood, Head of Clearing, Americas, Marex
Stephen Hood, Head of Clearing, Americas, Marex said:
"The future of finance is unfolding before our eyes. With regulatory clarity helping to shape the future of USDC and other stablecoins, the speed and accessibility of blockchain technology is transforming clearing globally. For clients actively trading digital assets, the ability to use USDC as good segregated collateral will enhance capital efficiencies and set the stage for a new wave of innovation."
The launch of this service follows the issuance of a no-action letter from the Commodities Futures Trading Commission (CFTC) in December 2025, on the use of digital assets as collateral. The letter permits Futures Commission Merchants (FCMs) to accept non-securities digital assets, including USDC, Bitcoin and Ethereum, as customer margin collateral for CFTC-regulated derivatives and to treat them in certain risk calculations, subject to strict conditions. Coinbase supports Marex's implementation through NYDFS-qualified custody, 1:1 instant fiat-to-USDC conversion, and bespoke reporting infrastructure aligned with CME requirements.
The integration of USDC marks a step toward modernising global derivatives market infrastructure. In today's markets, risk moves in response to global events as they unfold, yet collateral relies on traditional banking rails constrained by operating hours and multi-day settlement. The ability to post USDC as initial margin allows Marex clients to manage risk in near real time, moving collateral around the clock at internet speed to keep pace with always-on markets.
Claire Ching, VP of Global Capital Markets, Circle
Claire Ching, VP of Global Capital Markets, Circle commented:
"USDC, when integrated into institutional trading and clearing workflows, enables initial margin to move at internet speed, unlocking new levels of efficiency and programmability in collateral management all while meeting the rigorous standards institutional markets demand. By supporting USDC as IM collateral, Marex is equipping institutional trading clients to operate seamlessly in a 24/7 global market environment."
Liz Martin, VP of Markets and Head of Derivatives, Coinbase
Liz Martin, VP of Markets and Head of Derivatives, Coinbase said:
"Stablecoin collateral is moving from concept to production. Coinbase is providing the institutional infrastructure underneath: NYDFS-qualified custody, instant fiat-to-USDC conversion, and reporting built to meet clearing-grade requirements. The same infrastructure that safeguards assets for the majority of US spot crypto ETFs is now powering collateral workflows in regulated derivatives clearing. We expect this model to extend across more clearinghouses and margin workflows as the market moves toward always-on collateral."
Joe Balcarcel, Chief Administrative Officer, Prime Trading, LLC
Joe Balcarcel, Chief Administrative Officer, Prime Trading, LLC commented:
"Prime Trading, LLC is excited to partner with Marex on this innovative initiative and support the continued evolution of digital asset infrastructure within traditional derivatives markets. We believe this represents an important step forward for the trading industry, as blockchain-based collateral solutions have the potential to enhance capital efficiency, improve the speed and flexibility of collateral management, and provide the ability to respond to significant market events and trading opportunities beyond traditional banking hours."
Ram Vittal, Chief Executive Officer, Marex Americas said:
"We're proud to be at the forefront of the convergence of digital assets and traditional finance to enhance market access and responsibly reshape the financial ecosystem for clients and future generations."
For its first transaction, Marex accepted USDC as IM collateral from Prime Trading, with Coinbase's supporting custody, settlement, and reporting infrastructure, and delivered cash to fund positions.
Marex is a large clearer of crypto derivatives on CME, Cboe, SGX, Coinbase Derivatives Exchange, and Bitnomial. It was a day one clearer for the launch of SGX Crypto Perpetual Futures, and cleared the first-ever Bitcoin Friday Futures block trade and the first-ever Bitcoin Friday Futures options trade on CME.
Found this interesting? Become a member of LiquidityFinder and get daily industry news direct to your inbox — join here.
