$COIN just got CFTC approval to launch its own derivatives clearinghouse. Coinbase Clearing is the first USDC-native clearinghouse, with 24/7 settlement and direct contract collateralization. The core business is highly profitable: 86% gross margin. But revenue growth is -9% on $6B in total revenue. Seeking Alpha Quant Rating: Hold. The clearinghouse completes Coinbase's derivatives stack, paving the way for faster product launches and capital-efficient trading. Can infrastructure fix the growth drag? ▻