By Isaac • July 19, 2026 7:06 pm •
A Chicago trading firm sent USDC into a regulated derivatives margin process.
The futures positions did not settle on a blockchain.
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That distinction makes the transaction more interesting, not less.
Marex is now accepting Circle’s dollar stablecoin as initial-margin collateral in its U.S. derivatives clearing business. Prime Trading completed the first transaction, Coinbase supplied the custody and conversion infrastructure, and Marex provided cash to support the client’s cleared positions.
USDC became the customer’s collateral rail. The clearing system still received the conventional asset it expected.
This is how blockchain money often enters traditional finance: one controlled layer at a time.
Marex says Prime Trading transferred USDC as initial margin and Marex delivered cash to fund the
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