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8h ago

CFTC Moves to Allow Tokenized Collateral, Including Stablecoins, in U.S. Derivatives Markets

Public comments are due Oct. 20 ahead of potential pilot programs.

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U.s. cftc moves toward getting stablecoins involved in tokenized collateral push
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Cftc advances tokenized collateral and stablecoins initiative for us markets

Overview

  • Acting Chairman Caroline Pham announced the initiative on Sept. 23 as part of the CFTC’s crypto sprint.
  • The plan would permit payment stablecoins and other tokenized assets to be posted as non-cash collateral for derivatives margin.
  • The effort implements recommendations from the CFTC Global Markets Advisory Committee and the President’s Working Group report.
  • The agency signaled interest in a sandbox-style pilot to test tokenized collateral under clear valuation, custody and settlement guardrails.
  • Executives from Circle, Coinbase, Crypto.com and Ripple endorsed the direction, citing capital efficiency and the need for robust reserve and governance standards.