Overview

• Acting Chair Caroline Pham announced the initiative as part of the CFTC’s crypto sprint, calling collateral management the “killer app” for stablecoins.
• The plan advances recommendations from the CFTC’s Global Markets Advisory Committee and the President’s Working Group on Digital Assets.
• The effort builds on July’s GENIUS Act, which established a federal framework for payment stablecoins that regulators now aim to translate into market rules.
• Regulators are considering pilot programs or a regulatory sandbox and are seeking input on valuation, custody, settlement mechanics, and any needed rule changes.
• The proposal contemplates permitting licensed dollar stablecoins such as USDC and USDT to satisfy margin similar to cash or Treasuries, subject to final CFTC action.