Marex has begun accepting USDC to meet initial margin requirements in its regulated derivatives clearing business. Coinbase is supplying instant fiat-to-USDC conversion, custody, and daily reporting designed for clearing operations.
Coinbase says Prime Trading completed the first transaction through the workflow. The launch follows a December 2025 CFTC no-action letter that opened a path for futures commission merchants to accept certain digital assets as customer collateral.
The practical shift is from talking about tokenized collateral to operating it inside an existing regulated process. Round-the-clock collateral movement now has a live institutional use case.