CFTC to Enable Stablecoins and Tokenized Collateral in U.S. Derivatives Markets
The Commodity Futures Trading Commission (CFTC) announced today a landmark initiative to allow the use of tokenized collateral, including stablecoins, in derivatives markets. The move, led by Acting Chairman Caroline D. Pham, builds on the CFTC’s Crypto CEO Forum held in February 2025 and aligns with the President’s Working Group on Digital Asset Markets recommendations.
“Since January, the CFTC has taken clear action to usher in America’s Golden Age of Crypto,” said Pham. “Tokenized markets are here, and collateral management is the ‘killer app’ for stablecoins. This initiative will work closely with stakeholders to enable safe, efficient use of tokenized collateral.”
Industry Leaders Support Stablecoin Integration
The announcement received strong backing from major crypto players:
- Circle President Heath Tarbert said using stablecoins like USDC as collateral will “lower costs, reduce risk, and unlock liquidity across global markets 24/7/365.”
- Greg Tusar, VP at Coinbase Institutional Product, emphasized that stablecoins are “the future of money,” praising the CFTC for fostering tokenized innovation.
- Kris Marszalek, CEO of Crypto.com, highlighted the opportunity to use non-cash collateral such as BTC and CRO to meet regulatory margin requirements.
- Jack McDonald, SVP at Ripple, said tokenized collateral will enhance efficiency, transparency, and U.S. leadership in financial markets.
- Paolo Ardoino, CEO of Tether, described stablecoins as “core building blocks of modern finance,” enabling faster settlement, deeper liquidity, and market resilience.
The Regulatory Context
The initiative stems from recommendations by the CFTC’s Global Markets Advisory Committee (GMAC), specifically its Digital Asset Markets Subcommittee (DAMS), which urged expanding the use of non-cash collateral via distributed ledger technology. Acting Chairman Pham has also proposed a regulatory sandbox pilot program to provide clarity and safeguard market stability.
The initiative invites public feedback on tokenized collateral, including stablecoins, in derivatives markets. Stakeholders may submit written comments by October 20 through the CFTC website, covering areas such as:
- GMAC 2024 recommendations
- Industry pilot programs
- Amendments to CFTC regulations regarding collateral management
Why This Matters
By integrating stablecoins and tokenized collateral into derivatives markets, the CFTC aims to modernize U.S. financial infrastructure, improve capital efficiency, and maintain America’s leadership in digital asset innovation. The move signals a growing acceptance of crypto-native tools in mainstream finance and a commitment to responsible innovation.
