Coinbase has signed a deal to use USDC as collateral in US futures trading, advancing the stablecoin into mainstream financial markets.
Coinbase Partners with Nodal Clear
On Wednesday, Coinbase announced through its website a partnership with Nodal Clear to obtain regulatory approval for the first use of a regulated stablecoin as margin collateral in crypto futures. Coinbase Derivatives, a subsidiary of the exchange, is set to use USDC as margin, further entrenching this stablecoin's position in financial markets.
Legislative Changes in Stablecoin Regulation
This collateral plan follows the US Senate's Tuesday vote to pass a bill regulating stablecoins like USDC. While the bill has not yet become law, it is expected to be finalized in the coming weeks, which should increase institutional trust in dealing with such tokens.
Growing Interest in Stablecoins in the Market
The market for stablecoins continues to grow. As of publication, the total market capitalization of stablecoins reached a record high of $251.7 billion, up 22% year-to-date, according to CoinGecko. The interest in stablecoins from major financial institutions such as PayPal and Deutsche Bank, as well as the potential launch of proprietary stablecoins by major companies like Amazon and Walmart, underscore their growing importance in the market.
Coinbase's deal to use USDC as collateral in futures trading opens new horizons for the integration of stablecoins into financial systems, potentially leading to their widespread adoption and acceptance in traditional markets.
