Which derivatives markets accept USDC collateral?

TLDR

USDC collateral is now accepted on CFTC?supervised U.S. derivatives venues under a new pilot, and on offshore crypto derivatives venues such as Bybits derivatives platform (CFTC pilot, Bybit partnership).

1. The U.S. CFTC pilot permits FCMs to accept BTC, ETH, and USDC as margin collateral (CFTC pilot).
2. Bybit is integrating USDC across spot and derivatives markets to improve liquidity and settlement (Bybit partnership).
3. Some exchanges list USDC?margined futures (for example, KuCoin indicates USDC?? contracts) (KuCoin futures page).

Deep Dive

1. U.S. Regulated Venues

The CFTC launched a pilot program allowing futures commission merchants to accept BTC, ETH, and USDC as customer margin collateral on supervised futures and swaps venues. It includes reporting guardrails and begins with these assets for the first three months (CFTC pilot, pilot summary).

2. Bybit Derivatives With USDC

Bybit announced a broad integration with Circle to increase USDCs role across its trading stack, including derivatives. The push aims to improve USDC liquidity, simplify fiat access, and streamline settlement on the exchanges perps and other products (Bybit partnership, integration details).

3. Other Venues Offering USDC Support

KuCoins futures interface highlights a USDC?? segment, indicating support for USDC?margined contracts alongside USDT pairs (KuCoin futures page). Separately, some ecosystems and venues are enabling direct native USDC deposits that simplify derivatives onboarding (for example, commentary noting Hyperliquid native USDC deposits) (ecosystem analysis).

Conclusion

In short, USDC collateral is accepted on U.S. CFTC?supervised derivatives markets through a new pilot, and major offshore venues like Bybit are actively embedding USDC into derivatives trading. For execution details, check your venues margin and product pages (for example, the KuCoin futures interface linked above) to confirm current USDC collateral or USDC?margined pair availability.