The U.S. Commodity Futures Trading Commission (CFTC) has announced a landmark initiative allowing stablecoins to be used as tokenized collateral in derivatives markets.
Acting Chair Caroline D. Pham unveiled the plan as part of the CFTC’s modernization agenda. The commission aims to leverage blockchain technology and tokenized assets to improve the efficiency and transparency of derivatives trading.
Pham said the initiative will also enhance collateral management, reduce operational risks, and support greater capital efficiency.
According to Pham, the role of blockchain in financial infrastructure can no longer be considered experimental.
“Innovation and tokenization are becoming essential for the next phase of U.S. market development,” she noted.
Origins in the Crypto CEO Forum
The initiative originated at the February 2025 Crypto CEO Forum, where regulators and industry leaders gathered to discuss the future of digital finance. Participants highlighted how blockchain could transform collateral practices in derivatives markets, allowing faster settlement and broader market access.
Many of the proposals at the forum drew from the findings of President Donald Trump’s Working Group on Digital Asset Markets. The group had previously recommended that regulators explore tokenized non-cash collateral as a way to strengthen financial stability while supporting innovation.
Guidance and Regulatory Coordination
The Working Group’s report instructed the CFTC to issue new guidance through its Global Markets Advisory Committee (GMAC) and Digital Asset Markets Subcommittee (DAMS). These committees have been tasked with examining tokenized collateral and shaping pilot programs that can later be expanded across markets.
The effort also reflects closer cooperation between the CFTC and the Securities and Exchange Commission (SEC). Earlier this month, Pham and SEC Chair Paul Atkins released a joint statement calling for harmonized rules on digital assets.
This aligns with the SEC’s “Project Crypto” and the CFTC’s “Crypto Sprint,” both aimed at providing regulatory clarity for fast-growing digital markets.
Stablecoins Take Center Stage
Stablecoins are becoming a growing focus for U.S. regulators. Under the new leadership of both agencies, they have been identified as a top priority. Their importance grew further after President Donald Trump signed the GENIUS Act, the nation’s first legislation dedicated to stablecoins.
The law establishes a regulatory framework for stablecoin issuance and oversight. It also gives agencies a stronger foundation for enforcement.
Open for Public Comments
To ensure broad input, the CFTC has opened a public comment period that runs until October 20. Stakeholders are invited to share views on recommendations from the GMAC 2024 report, potential pilot programs, and proposed regulatory changes linked to the President’s Working Group findings.
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