Marex Enables USDC as Margin Collateral for Derivatives Clients | LeapRate

Marex Group Limited (NASDAQ:MRX) announced on July 16 that clients can now post USDC, the regulated, fully reserved dollar stablecoin issued by Circle, as initial margin collateral for derivatives trading. The initiative, developed with Coinbase, aims to help clients deploy digital asset portfolios more efficiently while using blockchain-based transfer rails. Coinbase supplies the underlying infrastructure for custody, on and off-ramps, and reporting.

Stephen Hood, Head of Clearing, Americas at Marex, said regulatory clarity around USDC and other stablecoins is transforming clearing globally, and that using USDC as segregated collateral will boost capital efficiency for clients trading digital assets.

The move follows a CFTC no-action letter issued in December 2025 that permits Futures Commission Merchants to accept non-security digital assets, including USDC, Bitcoin and Ethereum, as customer margin collateral under strict conditions. Coinbase supports the rollout through NYDFS-qualified custody, instant fiat-to-USDC conversion, and reporting aligned with CME requirements.

Claire Ching, VP of Global Capital Markets at Circle, said the integration allows margin to move at internet speed, adding new efficiency to institutional collateral management. Liz Martin, Coinbase VP of Markets and Head of Derivatives, said stablecoin collateral is moving from concept to production and expects the model to expand across more clearinghouses.

For its first transaction, Marex accepted USDC as initial margin from Prime Trading LLC, with Coinbase supporting custody, settlement and reporting, before delivering cash to fund positions. Marex is already a major clearer of crypto derivatives across CME, Cboe, SGX and other exchanges.