Coinbase won approval for its own clearinghouse, letting it create and settle USDC-backed contracts around the clock. It still relies on partners for some products, but the new system gives it more control and room to offer derivatives.
This gives Coinbase more control over how derivatives trades are settled and lets it build more products around USDC. It still plans to use partners for some products, including margined derivatives and its planned single-stock contracts. That limits how much it runs itself today, but the new clearinghouse adds an important part of its own system.
Citigroup partnered with Coinbase to bring stablecoin payments to large institutional clients. The report gives no deal terms or expected sales for Citi, so it does not show a change to its business outlook.
Follow Coinbase (COIN) free. When we publish a story about it, you get the plain-English explanation as an alert.
Get alerts for COIN