Marex is entering the stablecoin adoption era as it announced its partnership with Coinbase to enable USDC as margin collateral across its platform.
This means that clients will be able to satisfy collateral positions and requirements with stablecoins, something that would have been thought of as unlikely only a few years back.
In its Q1 earnings report this year, Marex unveiled positive results. It saw a +48% in revenue from Q1 2025, coming in just under $700M.
This was partly led by increased clearing and collateral margin activities, with the former reaching around $16B in client balances.
USDC Gaining in Institutional Adoption
The integration of stablecoin adoption across traditional finance use-cases is happening in real-time. It is no longer a theoretical scenario being sold to boards of directors and CFOs.
However, over the last few months, other pilots and stablecoin advances in collateral and margin requirements reveal that USDC is becoming a leader in this particular avenue of finance.
Yesterday, the DTCC announced the production launch of its tokenization service with a who’s-who of talent, showcasing how traditional securities and derivatives can execute effectively onchain.
As such, USDC was used for portions of these to make this happen, although it is not fully clear what the exact stablecoin balances reached across the entire day. DTCC was conducting this on its own proprietary blockchain, as well as the Canton Network.
Is Ripple a Possible Contender?
Other than USDC, another stablecoin with potential for this is Ripple’s RLUSD.
With quite an active M&A strategy in 2025, Ripple has opted to add its native stablecoin to the workflows of legacy finance for treasury and prime brokerage solutions.
Recently, CEO Brad Garlinghouse in an interview had revealed that GTreasury – one of the other companies acquired and later renamed to Ripple Treasury – was continuing to show positive growth and handles over 1 trillion annual transactions for their corporate clients.
On the other side, Ripple had also acquired Hidden Road (renamed as Ripple Prime), which is perhaps the most appropriate of the bunch to scale adoption for RLUSD as an accepted form of a collateral asset in the next few years.
A few months back, RLUSD was accepted by LMEX group and was used as part of a tokenized money market transaction in collaboration with DBS and Franklin Templeton.
