Polymarket asks CFTC to bring main exchange onshore

Polymarket filed with the Commodity Futures Trading Commission seeking permission to operate its main on-chain prediction exchange in the United States, allowing American users to trade directly on Polygon with settlements in USD Coin (USDC).

The company currently runs two platforms. Its primary exchange settles trades on the Polygon network and lists a broad set of event contracts. A separate U.S. arm provides intermediated access to American customers through broker-dealer rails. Polymarket acquired QCEX for $112 million in 2025 to expand its U.S. presence.

The regulated U.S. arm became fully operational after the CFTC issued an Amended Order of Designation in November 2025 that allowed intermediated access. In March 2026, Polymarket extended a single set of anti-manipulation and insider-trading rules across both platforms.

If the CFTC approves the filing, U.S. retail and institutional traders would be able to interact directly with on-chain markets rather than using brokerage intermediaries. The filing asks regulators to consider how on-chain settlement, stablecoin collateral and smart-contract execution fit within existing derivatives rules.

Polymarket has expanded its financial backing in recent months. Intercontinental Exchange, the parent company of the New York Stock Exchange, completed a $2 billion strategic investment in March 2026. The company has been reported to be in talks for an additional $400 million funding round at a roughly $15 billion valuation.

A rival operates as a regulated event contract market in the United States, creating direct competition if Polymarket gains approval to offer broad on-chain trading to U.S. customers.

The CFTC will review Polymarket’s filing to assess whether its technical systems and compliance controls meet statutory and regulatory requirements. Key issues for review include trade reporting, custody arrangements for stablecoin collateral and protections against market manipulation.