Overview

• Acting Chair Caroline Pham launched the tokenized‑collateral effort on Sept. 23, calling collateral management the “killer app” for stablecoins to improve capital efficiency.
• The CFTC is soliciting feedback on eligibility, valuation, custody, settlement, and potential pilot or sandbox mechanics before moving to design specifics.
• The plan draws on guidance from the CFTC’s Global Markets Advisory Committee and the President’s Working Group, and aligns with the stablecoin framework set by the GENIUS Act.
• Major crypto firms including Circle, Coinbase, Ripple, Tether, and Crypto.com publicly endorsed the effort, citing lower costs, greater liquidity, and clearer rules.
• Reporting indicates the agency is coordinating with SEC initiatives such as a proposed innovation exemption and Project Crypto, with implementation details still under development.