Marex makes USDC available as IM collateral
17 July 2026 US
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Marex Group has made Circle鈥檚 US dollar-denominated stablecoin, USDC, available to its clients as initial margin (IM) collateral.
The inaugural transaction saw Marex accept USDC as IM collateral from Prime Trading, with Coinbase supporting custody, settlement, and reporting infrastructure, in addition to delivering cash to fund positions.
The broader initiative is designed to assist Marex clients in implementing their digital asset portfolios more effectively while benefiting from blockchain-native transfer rails.
The launch comes after the December 2025 issuance of a no-action letter by the US Commodity Futures Trading Commission (CFTC) on the use of digital assets as collateral.
In essence, the regulatory body permits Futures Commission Merchants (FCMs) to accept non-securities digital assets 鈥� such as USDC, Bitcoin, and Ethereum 鈥� as customer margin collateral for CFTC-regulated derivatives, treating them under certain risk calculations, subject to strict conditions.
Commenting on the initiative, Stephen Hood, head of clearing, Americas at Marex, says: 鈥淔or clients actively trading digital assets, the ability to use USDC as good segregated collateral will enhance capital efficiencies and set the stage for a new wave of innovation.鈥�
Claire Ching, vice president of global capital markets at Circle, adds: 鈥淯SDC, when integrated into institutional trading and clearing workflows, enables initial margin to move at internet speed, unlocking new levels of efficiency and programmability in collateral management, all while meeting the rigorous standards institutional markets demand.鈥�
The inaugural transaction saw Marex accept USDC as IM collateral from Prime Trading, with Coinbase supporting custody, settlement, and reporting infrastructure, in addition to delivering cash to fund positions.
The broader initiative is designed to assist Marex clients in implementing their digital asset portfolios more effectively while benefiting from blockchain-native transfer rails.
The launch comes after the December 2025 issuance of a no-action letter by the US Commodity Futures Trading Commission (CFTC) on the use of digital assets as collateral.
In essence, the regulatory body permits Futures Commission Merchants (FCMs) to accept non-securities digital assets 鈥� such as USDC, Bitcoin, and Ethereum 鈥� as customer margin collateral for CFTC-regulated derivatives, treating them under certain risk calculations, subject to strict conditions.
Commenting on the initiative, Stephen Hood, head of clearing, Americas at Marex, says: 鈥淔or clients actively trading digital assets, the ability to use USDC as good segregated collateral will enhance capital efficiencies and set the stage for a new wave of innovation.鈥�
Claire Ching, vice president of global capital markets at Circle, adds: 鈥淯SDC, when integrated into institutional trading and clearing workflows, enables initial margin to move at internet speed, unlocking new levels of efficiency and programmability in collateral management, all while meeting the rigorous standards institutional markets demand.鈥�
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