Acting Chair of the Commodity Futures Trading Commission (CFTC) Caroline Pham announced the launch of an initiative to apply tokenized collateral, including stablecoins, in regulated derivatives markets. The project will become part of the commission’s “crypto sprint” and is aimed at implementing recommendations from the Presidential Working Group on digital assets. Market participants are invited to submit proposals by October 20.
According to Pham, the goal of the program is to modernize collateral management and improve capital efficiency by introducing tokenized instruments. She noted that collateral management is a key use case for stablecoins in financial markets.
Industry Support
Several companies have expressed support for the regulator’s actions. Circle President Heath Tarbert said that using stablecoins like USDC as collateral will reduce costs, mitigate risks, and unlock 24/7 liquidity.
Greg Tusar, Vice President of Institutional Products at Coinbase, emphasized that recognizing the role of stablecoins in derivatives will allow the US to maintain its leadership in tokenized financial innovation.
Crypto.com Co-Founder and CEO Kris Marszalek noted that the CFTC initiative aligns with recommendations to use alternative collateral, including BTC and CRO, to meet margin requirements.
Jack McDonald, Senior Vice President of Stablecoins at Ripple, added that clear rules for valuation, custody, and settlement will help institutional investors operate with more confidence, while reserve and governance requirements will strengthen trust.
Tether CEO Paolo Ardoino reminded that the stablecoin market has reached nearly $300 млрд and has become the backbone of modern financial infrastructure, enabling fast settlements and deeper liquidity.
Regulatory Framework
The CFTC is basing the program on recommendations from its Global Markets Advisory Committee (GMAC) and its digital assets subcommittee, which in 2024 proposed expanding the use of tokenized collateral through distributed ledger technologies.
The regulator is also considering pilot projects in a “regulatory sandbox” format to test new mechanisms without compromising transparency and stability. The CFTC has applied similar approaches since the 1990s.
Public Consultations
The regulator has opened the submission of written comments on issues related to implementing tokenized collateral, potential rule amendments, and the implementation of recommendations from the Presidential Working Group. All materials will be published on the CFTC’s website.
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