CFTC launches tokenised collateral initiative for derivatives
Public feedback on tokenised collateral is open until 20 October 2025, helping shape US derivatives market regulations and pilot programmes.
The Commodity Futures Trading Commission (CFTC) has announced a new initiative to allow tokenised collateral, including stablecoins, in derivatives markets.
Acting Chairman Pham said the move follows the February 2025 Crypto CEO Forum and advances the President’s Working Group report. The aim is to modernise collateral management, improve capital efficiency, and strengthen blockchain’s role in US financial markets.
Industry leaders said stablecoins like USDC can lower costs, unlock liquidity, and offer round-the-clock market access. Circle, Coinbase, Crypto.com, Ripple, and Tether praised the CFTC for providing clear rules on valuation, custody, and settlement for tokenised collateral.
Stablecoins are seen as a key part of modern finance, offering faster settlement, deeper liquidity, and greater market resilience. Experts said the initiative will strengthen US leadership in financial innovation and improve institutional efficiency and transparency.
The CFTC is inviting public feedback on the use of tokenised collateral, including stablecoins, in derivatives markets. Submissions will help shape regulations, pilot programmes, and advisory committee recommendations.
Comments can be submitted through the CFTC website until 20 October 2025, with all contributions published online.
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