Overview

• Acting Chair Caroline Pham announced the initiative, calling collateral management the “killer app” for stablecoins in regulated markets.
• The plan aligns with recommendations from the CFTC’s Global Markets Advisory Committee and guidance from the President’s Working Group on tokenized non-cash collateral.
• The goal is to boost capital efficiency by allowing approved stablecoins to meet margin requirements in U.S. derivatives trading.
• Executives from Circle, Coinbase, Crypto.com, and Ripple backed the move and highlighted the need for clear standards on valuation, custody, settlement, reserves, and governance.
• Next steps include exploring a sandbox or pilot program for tokenization, with interagency coordination reported as the CFTC develops potential rules.