Coinbase, a major U.S. cryptocurrency exchange, has received registration approval from the U.S. Commodity Futures Trading Commission (CFTC) to operate as a derivatives clearing organization (DCO). Its subsidiary Coinbase Clearing is the first in the industry to be licensed as a clearinghouse using the stablecoin USDC as collateral. With this approval, Coinbase has become the first cryptocurrency company to hold all three major CFTC registrations in-house.

Coinbase already holds registrations as a futures commission merchant (FCM) through Coinbase Financial Markets and as a designated contract market (DCM) through Coinbase Derivatives. With the new DCO approval, the company now has an end-to-end infrastructure covering the listing of…