The Commodity Futures Trading Commission (CFTC) is launching an initiative for the use of tokenized collateral including stablecoins in derivatives markets.
The CFTC’s Global Markets Advisory Committee (GMAC) released a recommendation last year by its Digital Asset Markets Subcommittee (DAMS) on expanding the use of non-cash collateral through distributed ledger technology.
The CFTC invites interested stakeholders to submit feedback and suggestions on the use of tokenized collateral including stablecoins in derivatives markets until Oct. 20.
Subject areas include the CFTC’s GMAC 2024 recommendation; CFTC observer status on industry efforts; potential digital asset markets pilot programs; amendments to CFTC regulations in connection with the President’s Working Group report recommendations regarding collateral management, and other related issues.
“Since January, the CFTC has taken clear action to usher in America’s Golden Age of Crypto,” Acting CFTC Chairman Caroline Pham said. “At our historic Crypto CEO Forum, we discussed how innovation and blockchain technology will drive progress in derivatives markets, especially for modernization of collateral management and greater capital efficiency. These market improvements will unleash U.S. economic growth because market participants can put their dollars to work smarter and go further.”
This initiative builds on the CFTC’s Crypto CEO Forum held in February 2025, and is part of the CFTC’s crypto sprint to implement the recommendations in the President’s Working Group on Digital Asset Markets report.
“Today, we are finally moving forward on the work of the CFTC’s Global Markets Advisory Committee from last year. I’m excited to announce the launch of this initiative to work closely with stakeholders to enable the use of tokenized collateral including stablecoins. The CFTC continues to move full speed ahead at the cutting edge of responsible innovation, and I appreciate the support of our industry partners,” Pham said.
A number of fintech firms support the CFTC’s initiative, including Circle, Crypto.com, Ripple, Tether, and Coinbase.
“Stablecoins are the future of money, and tokenized collateral is just the beginning,” said Greg Tusar, vice president of Coinbase Institutional Product. “We commend Acting Chair Pham for recognizing the power of stablecoins to revolutionize our derivatives market, keeping pace with the regulatory innovation coming from the Administration and Congress. Now that stablecoins will be regulated under the GENIUS Act, it’s more imperative than ever to ensure that the US remains at the forefront of tokenized innovation.”