{"id":183331,"date":"2026-09-29T07:24:11","date_gmt":"2026-09-29T07:24:11","guid":{"rendered":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/"},"modified":"2026-09-29T07:24:11","modified_gmt":"2026-09-29T07:24:11","slug":"coinbase-clearing-cftc-enregistrement-compensation-derive-usdc","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/","title":{"rendered":"Coinbase Clearing : La CFTC approuve la compensation en USDC"},"content":{"rendered":"<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/3\/2026\/09\/content-img-1-27.jpg\" alt=\"Coinbase Clearing est d\u00e9sormais enregistr\u00e9 par la CFTC pour compenser des d\u00e9riv\u00e9s enti\u00e8rement garantis, avec un r\u00e8glement en USDC pr\u00e9vu.\"><\/figure><p class=\"wp-block-paragraph\">La Commodity Futures Trading Commission (CFTC) a enregistr\u00e9 hier soir Coinbase Clearing LLC en tant qu&rsquo;organisation de compensation de d\u00e9riv\u00e9s. Cette d\u00e9cision permet \u00e0 Coinbase de reprendre en interne une fonction qu&rsquo;elle externalisait jusqu&rsquo;alors \u00e0 un tiers. Coinbase pr\u00e9sente <\/p><p><\/p><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The CFTC has approved the launch of Coinbase Clearing LLC, our own USDC-native clearinghouse.<br><br>Built for 24\/7 settlement with USDC collateral, Coinbase Clearing completes our full stack of regulated derivatives infrastructure. <a href=\"https:\/\/t.co\/uLD7pSNUPj\">pic.twitter.com\/uLD7pSNUPj<\/a><\/p>&mdash; Coinbase Markets \ud83d\udee1\ufe0f (@CoinbaseMarkets) <a href=\"https:\/\/x.com\/CoinbaseMarkets\/status\/2104693827948720334?ref_src=twsrc%5Etfw\">September 28, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><p> cette entit\u00e9 comme la toute premi\u00e8re chambre de compensation de d\u00e9riv\u00e9s native en USDC aux \u00c9tats-Unis.<\/p><p class=\"wp-block-paragraph\">Une chambre de compensation agit comme interm\u00e9diaire entre les deux parties d&rsquo;une transaction sur contrats \u00e0 terme (futures) ou options, garantissant que chaque participant soit pay\u00e9 quel que soit le sort de la contrepartie. Traditionnellement, cette garantie repose sur des dollars circulant via le syst\u00e8me bancaire, ce qui signifie que les transferts de garanties et les appels de marge sont tributaires des horaires d&rsquo;ouverture des banques et des fen\u00eatres de r\u00e8glement.<\/p><p class=\"wp-block-paragraph\">Coinbase affirme que sa version remplace cette infrastructure en dollars par des r\u00e8glements en USDC sur rails blockchain. Cela permet de d\u00e9placer les garanties et de r\u00e9pondre aux appels de marge 24h\/24, sans avoir \u00e0 attendre l&rsquo;ouverture d&rsquo;une banque. Pour les desks institutionnels g\u00e9rant des risques sur plusieurs fuseaux horaires, cela l\u00e8ve une contrainte de calendrier que la compensation bas\u00e9e sur le dollar a toujours impos\u00e9e.<\/p><p class=\"wp-block-paragraph\">Cette avanc\u00e9e s&rsquo;inscrit directement dans le r\u00f4le croissant des stablecoins au sein des infrastructures de r\u00e8glement institutionnelles, plut\u00f4t que dans un mandat explicite de la CFTC. Ce cadre s&rsquo;appuie sur un programme pilote d&rsquo;actifs num\u00e9riques lanc\u00e9 par la CFTC en d\u00e9cembre 2025, qui a ouvert la porte \u00e0 l&rsquo;utilisation du Bitcoin, de l&rsquo;Ether et de l&rsquo;USDC comme garanties acceptables sur les march\u00e9s de d\u00e9riv\u00e9s r\u00e9glement\u00e9s.<\/p><h2 class=\"wp-block-heading\">Comment fonctionne Coinbase Clearing apr\u00e8s son enregistrement par la CFTC ?<\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">Selon l&rsquo;ordre d&rsquo;enregistrement de la CFTC, Coinbase Clearing est autoris\u00e9 \u00e0 compenser des contrats \u00e0 terme, des options sur contrats \u00e0 terme et des swaps enti\u00e8rement collat\u00e9ralis\u00e9s. Cette port\u00e9e est plus restreinte qu&rsquo;une licence g\u00e9n\u00e9rale de compensation de d\u00e9riv\u00e9s, car elle ne couvre que les produits adoss\u00e9s \u00e0 un ratio de un pour un, structure con\u00e7ue pour \u00e9viter le risque de contrepartie.<\/p><p class=\"wp-block-paragraph\">Avant cet enregistrement, Coinbase Derivatives, le march\u00e9 de contrats d\u00e9sign\u00e9 par la CFTC de la soci\u00e9t\u00e9, acheminait les transactions via Nodal Clear, agissant en tant que chambre de compensation externe. Coinbase Clearing transforme cet arrangement en une op\u00e9ration interne, offrant \u00e0 Coinbase un contr\u00f4le direct sur le processus de compensation plut\u00f4t que de passer par une entreprise tierce.<\/p><p class=\"wp-block-paragraph\">Il est \u00e9tabli que l&rsquo;entreprise travaillait d\u00e9j\u00e0 avec Nodal Clear en vue d&rsquo;un d\u00e9ploiement en 2026 de garanties adoss\u00e9es \u00e0 l&rsquo;USDC pour les contrats \u00e0 terme, avant m\u00eame d&rsquo;obtenir son propre enregistrement.<\/p><p class=\"wp-block-paragraph\">Le changement concret r\u00e9side davantage dans le contr\u00f4le que dans la diversit\u00e9 des produits. Coinbase d\u00e9tient d\u00e9sormais trois pi\u00e8ces de sa propre pile de d\u00e9riv\u00e9s r\u00e9glement\u00e9s : Coinbase Financial Markets en tant que courtier en contrats \u00e0 terme (FCM), Coinbase Derivatives comme plateforme de n\u00e9gociation, et Coinbase Clearing comme couche post-n\u00e9gociation garantissant le r\u00e8glement.<\/p><p class=\"wp-block-paragraph\">Cette structure s&rsquo;\u00e9tend d\u00e9j\u00e0 au-del\u00e0 des produits domestiques. En mai, Coinbase Financial Markets est devenu le premier courtier en contrats \u00e0 terme r\u00e9glement\u00e9 par la CFTC connectant les clients am\u00e9ricains aux march\u00e9s mondiaux d&rsquo;options et de contrats perp\u00e9tuels crypto, des instruments qui repr\u00e9sentent 80 % du volume mondial de trading crypto.<\/p><p class=\"wp-block-paragraph\">D\u00e9sormais, le fait de poss\u00e9der la fonction de compensation en interne permet \u00e0 Coinbase de ma\u00eetriser plus \u00e9troitement les d\u00e9cisions relatives aux marges, aux garanties et aux risques sur l&rsquo;ensemble de la cha\u00eene, au lieu de les partager avec un op\u00e9rateur tiers.<\/p><h2 class=\"wp-block-heading\">L&rsquo;enregistrement aupr\u00e8s de la CFTC et ses limites<\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">Ce que la CFTC a r\u00e9ellement approuv\u00e9 m\u00e9rite d&rsquo;\u00eatre \u00e9nonc\u00e9 clairement : un enregistrement par ordre de la Commission pour compenser des contrats \u00e0 terme, des options sur contrats \u00e0 terme et des swaps enti\u00e8rement collat\u00e9ralis\u00e9s. L&rsquo;ordre ne d\u00e9signe pas l&rsquo;USDC comme actif de r\u00e8glement obligatoire pour chaque produit compens\u00e9 par l&rsquo;entit\u00e9, et il ne s&rsquo;\u00e9tend pas aux d\u00e9riv\u00e9s crypto \u00e0 effet de levier.<\/p><p class=\"wp-block-paragraph\">La question de l&rsquo;\u00e9tendue de la surveillance des actifs num\u00e9riques aux \u00c9tats-Unis reste non r\u00e9solue \u00e0 Washington, o\u00f9 le parcours de la loi CLARITY Act au S\u00e9nat est toujours en attente.<\/p><p class=\"wp-block-paragraph\">L&rsquo;enregistrement de Coinbase Clearing constitue une \u00e9tape r\u00e9glementaire concr\u00e8te dans ce paysage incertain, mais l&rsquo;ampleur de son empreinte finale d\u00e9pendra du volume de produits qui migrera r\u00e9ellement vers des structures enti\u00e8rement collat\u00e9ralis\u00e9es et r\u00e9gl\u00e9es en USDC une fois le service op\u00e9rationnel.<\/p>","protected":false},"excerpt":{"rendered":"<p>La CFTC enregistre Coinbase Clearing pour la compensation de d\u00e9riv\u00e9s en USDC, une premi\u00e8re aux \u00c9tats-Unis pour les march\u00e9s r\u00e9glement\u00e9s de\u2026<\/p>\n","protected":false},"author":605,"featured_media":183329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"editors":[2551],"sponsored_companies":[],"class_list":["post-183331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","editors-julien-leroy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Coinbase Clearing : La CFTC approuve la compensation en USDC<\/title>\n<meta name=\"description\" content=\"La CFTC enregistre Coinbase Clearing pour la compensation de d\u00e9riv\u00e9s en USDC, une premi\u00e8re aux \u00c9tats-Unis pour les march\u00e9s r\u00e9glement\u00e9s de\u2026\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase Clearing : La CFTC approuve la compensation en USDC\" \/>\n<meta property=\"og:description\" content=\"La CFTC enregistre Coinbase Clearing pour la compensation de d\u00e9riv\u00e9s en USDC, une premi\u00e8re aux \u00c9tats-Unis pour les march\u00e9s r\u00e9glement\u00e9s de\u2026\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/\" \/>\n<meta property=\"og:site_name\" content=\"Cryptonews France\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-29T07:24:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/3\/2026\/09\/coinbase-clearing-cftc-enregistrement-compensation-derive-us-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:description\" content=\"La CFTC enregistre Coinbase Clearing pour la compensation de d\u00e9riv\u00e9s en USDC, une premi\u00e8re aux \u00c9tats-Unis pour les march\u00e9s r\u00e9glement\u00e9s de\u2026\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/3\/2026\/09\/coinbase-clearing-cftc-enregistrement-compensation-derive-us-featured.jpg\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Coinbase Clearing : La CFTC approuve la compensation en USDC","description":"La CFTC enregistre Coinbase Clearing pour la compensation de d\u00e9riv\u00e9s en USDC, une premi\u00e8re aux \u00c9tats-Unis pour les march\u00e9s r\u00e9glement\u00e9s de\u2026","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/","og_locale":"fr_FR","og_type":"article","og_title":"Coinbase Clearing : La CFTC approuve la compensation en USDC","og_description":"La CFTC enregistre Coinbase Clearing pour la compensation de d\u00e9riv\u00e9s en USDC, une premi\u00e8re aux \u00c9tats-Unis pour les march\u00e9s r\u00e9glement\u00e9s de\u2026","og_url":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/","og_site_name":"Cryptonews France","article_published_time":"2026-09-29T07:24:11+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/3\/2026\/09\/coinbase-clearing-cftc-enregistrement-compensation-derive-us-featured.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_description":"La CFTC enregistre Coinbase Clearing pour la compensation de d\u00e9riv\u00e9s en USDC, une premi\u00e8re aux \u00c9tats-Unis pour les march\u00e9s r\u00e9glement\u00e9s de\u2026","twitter_image":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/3\/2026\/09\/coinbase-clearing-cftc-enregistrement-compensation-derive-us-featured.jpg","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/#article","isPartOf":{"@id":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/"},"author":{"name":"Julien Leroy","@id":"https:\/\/cryptonews.com\/fr\/#\/schema\/person\/bd6e126e4ab46fe55a756f7e8b01f610"},"headline":"Coinbase Clearing : La CFTC approuve la compensation en USDC","datePublished":"2026-09-29T07:24:11+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/"},"wordCount":827,"commentCount":0,"publisher":{"@id":"https:\/\/cryptonews.com\/fr\/#organization"},"image":{"@id":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/#primaryimage"},"thumbnailUrl":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/3\/2026\/09\/coinbase-clearing-cftc-enregistrement-compensation-derive-us-featured.jpg","articleSection":["News"],"inLanguage":"fr-FR","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/#respond"]}],"copyrightYear":"2026","copyrightHolder":{"@id":"https:\/\/cryptonews.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/","url":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/","name":"Coinbase Clearing : La CFTC approuve la compensation en USDC","isPartOf":{"@id":"https:\/\/cryptonews.com\/fr\/#website"},"primaryImageOfPage":{"@id":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/#primaryimage"},"image":{"@id":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/#primaryimage"},"thumbnailUrl":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/3\/2026\/09\/coinbase-clearing-cftc-enregistrement-compensation-derive-us-featured.jpg","datePublished":"2026-09-29T07:24:11+00:00","description":"La CFTC enregistre Coinbase Clearing pour la compensation de d\u00e9riv\u00e9s en USDC, une premi\u00e8re aux \u00c9tats-Unis pour les march\u00e9s r\u00e9glement\u00e9s de\u2026","breadcrumb":{"@id":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/"]}],"author":[]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/#primaryimage","url":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/3\/2026\/09\/coinbase-clearing-cftc-enregistrement-compensation-derive-us-featured.jpg","contentUrl":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/3\/2026\/09\/coinbase-clearing-cftc-enregistrement-compensation-derive-us-featured.jpg","width":1200,"height":675,"caption":"Coinbase CFTC"},{"@type":"BreadcrumbList","@id":"https:\/\/cryptonews.com\/fr\/news\/coinbase-clearing-cftc-enregistrement-compensation-derive-usdc\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptonews.com\/fr\/"},{"@type":"ListItem","position":2,"name":"Coinbase Clearing : La CFTC approuve la compensation en USDC"}]},{"@type":"WebSite","@id":"https:\/\/cryptonews.com\/fr\/#website","url":"https:\/\/cryptonews.com\/fr\/","name":"Cryptonews","description":"","publisher":{"@id":"https:\/\/cryptonews.com\/fr\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/cryptonews.com\/fr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Organization","@id":"https:\/\/cryptonews.com\/fr\/#organization","name":"Cryptonews France","url":"https:\/\/cryptonews.com\/fr\/","logo":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/cryptonews.com\/fr\/#\/schema\/logo\/image\/","url":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/3\/2023\/09\/4.jpg","contentUrl":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/3\/2023\/09\/4.jpg","width":1669,"height":874,"caption":"Cryptonews France"},"image":{"@id":"https:\/\/cryptonews.com\/fr\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/cryptonews.com\/fr\/wp-json\/wp\/v2\/posts\/183331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptonews.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptonews.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptonews.com\/fr\/wp-json\/wp\/v2\/users\/605"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptonews.com\/fr\/wp-json\/wp\/v2\/comments?post=183331"}],"version-history":[{"count":0,"href":"https:\/\/cryptonews.com\/fr\/wp-json\/wp\/v2\/posts\/183331\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptonews.com\/fr\/wp-json\/wp\/v2\/media\/183329"}],"wp:attachment":[{"href":"https:\/\/cryptonews.com\/fr\/wp-json\/wp\/v2\/media?parent=183331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptonews.com\/fr\/wp-json\/wp\/v2\/categories?post=183331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptonews.com\/fr\/wp-json\/wp\/v2\/tags?post=183331"},{"taxonomy":"editors","embeddable":true,"href":"https:\/\/cryptonews.com\/fr\/wp-json\/wp\/v2\/editors?post=183331"},{"taxonomy":"sponsored_companies","embeddable":true,"href":"https:\/\/cryptonews.com\/fr\/wp-json\/wp\/v2\/sponsored_companies?post=183331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}