According to CoinMeta, Coinbase Clearing LLC, the derivatives clearing institution registered by Coinbase, has been approved by the U.S. Commodity Futures Trading Commission (CFTC) to operate as a derivatives clearing house, achieving a fully self-operated closed-loop for brokerage, listing, and clearing. This approval only applies to futures, options, and swap products with full collateral; leveraged derivatives still rely on third-party clearing. The clearing house will use USDC as collateral to support 24-hour settlement.