The US Commodity Futures Trading Commission (CFTC) is launching a pilot program allowing derivatives traders to use digital assets as collateral. Powered by the GENIUS Act, the move is designed to bring liquidity back onshore from offshore platforms.
The agency also issued guidance on RWAs, permitting tokenized US Treasury bonds and money market funds to be used as collateral, effectively scrapping previous restrictions.
Acting Chairman Caroline D. Pham stated the program offers a regulated alternative to foreign exchanges but mandates strict client fund segregation and enhanced monitoring.
To start, firms can accept Bitcoin, Ether, and USDC, subject to weekly reporting requirements for risk assessment.
Industry Reaction
Paul Grewal from Coinbase noted that stablecoins reduce counterparty risk and lower payment costs.
Circle President Heath Tarbert highlighted settlement speed, noting margin requirements can now be met instantly even on weekends, eliminating technical default risks.
Crypto.com CEO Kris Marszalek linked the shift to Donald Trump plans to boost the sector, stressing that such tools were previously unique to offshore markets.
Jack McDonald from Ripple added that recognizing stablecoins strengthens US leadership in fintech.
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