CFTC launches tokenised collateral and stablecoins initiative
26 September 2025 US
Image: A2Z AI/stock.adobe.com
The Commodity Futures Trading Commission (CFTC) has confirmed that it will launch an initiative for the use of tokenised collateral including stablecoins in derivatives markets.
This initiative builds on the CFTC鈥檚 Crypto CEO forum held in February 2025, and is part of the CFTC鈥檚 crypto sprint to implement the recommendations in the President鈥檚 Working Group on Digital Asset Markets report.
According to Caroline D. Pham, acting chairman at the CFTC, the commission has taken clear action to usher in 鈥淎merica鈥檚 Golden Age of Crypto鈥� since January.
TheCrypto CEO forum discussed how innovation and blockchain technology will drive progress in derivatives markets, especially for modernisation of collateral management and greater capital efficiency.
For Pham, these market improvements will unleash US economic growth because market participants can 鈥減ut their dollars to work smarter and go further鈥�.
She continues: 鈥淭he public has spoken: tokenised markets are here, and they are the future. For years I have said that collateral management is the 鈥榢iller app鈥� for stablecoins in markets.
鈥淭oday, we are finally moving forward on the work of the CFTC鈥檚 global markets advisory committee from last year.鈥�
Circle President Heath Tarbert adds: 鈥淭he GENIUS Act creates a world in which payment stablecoins issued by licensed American companies can be used as collateral in derivatives and other traditional financial markets.
"Using trusted stablecoins like USDC as collateral will lower costs, reduce risk, and unlock liquidity across global markets 24/7/365.鈥�
Commenting on the news, Greg Tusar, vice president of Coinbase Institutional Product, notes that stablecoins are 鈥渢he future of money鈥�, and that tokenised collateral 鈥渋s just the beginning鈥�.
鈥淣ow that stablecoins will be regulated under the GENIUS Act, it鈥檚 more imperative than ever to ensure that the US remains at the forefront of tokenised innovation," he highlights.
The CFTC鈥檚 Global Markets Advisory Committee (GMAC), sponsored by Pham, released a recommendation last year by its Digital Asset Markets Subcommittee (DAMS) on expanding the use of non-cash collateral through distributed ledger technology (DLT).鈥�
The President鈥檚 working group report directs the CFTC to provide guidance on the adoption of tokenised non-cash collateral as regulatory margin to implement the CFTC鈥檚 Global Markets Advisory Committee (GMAC) Digital Asset Markets Subcommittee (DAMS) recommendation.
Jack McDonald, senior vice president of Stablecoins at Ripple, adds: 鈥淭his CFTC initiative is an important step toward integrating stablecoins into the heart of regulated financial markets.
鈥淓stablishing clear rules for valuation, custody, and settlement will give institutions the certainty they need, while guardrails on reserves and governance will build trust and resilience.
鈥淎t Ripple, we believe tokenised collateral can drive greater efficiency and transparency in derivatives markets, strengthening US leadership in financial innovation.鈥�
The CFTC invites interested stakeholders to submit feedback and suggestions on the use of tokenised collateral including stablecoins in derivatives markets.
This initiative builds on the CFTC鈥檚 Crypto CEO forum held in February 2025, and is part of the CFTC鈥檚 crypto sprint to implement the recommendations in the President鈥檚 Working Group on Digital Asset Markets report.
According to Caroline D. Pham, acting chairman at the CFTC, the commission has taken clear action to usher in 鈥淎merica鈥檚 Golden Age of Crypto鈥� since January.
TheCrypto CEO forum discussed how innovation and blockchain technology will drive progress in derivatives markets, especially for modernisation of collateral management and greater capital efficiency.
For Pham, these market improvements will unleash US economic growth because market participants can 鈥減ut their dollars to work smarter and go further鈥�.
She continues: 鈥淭he public has spoken: tokenised markets are here, and they are the future. For years I have said that collateral management is the 鈥榢iller app鈥� for stablecoins in markets.
鈥淭oday, we are finally moving forward on the work of the CFTC鈥檚 global markets advisory committee from last year.鈥�
Circle President Heath Tarbert adds: 鈥淭he GENIUS Act creates a world in which payment stablecoins issued by licensed American companies can be used as collateral in derivatives and other traditional financial markets.
"Using trusted stablecoins like USDC as collateral will lower costs, reduce risk, and unlock liquidity across global markets 24/7/365.鈥�
Commenting on the news, Greg Tusar, vice president of Coinbase Institutional Product, notes that stablecoins are 鈥渢he future of money鈥�, and that tokenised collateral 鈥渋s just the beginning鈥�.
鈥淣ow that stablecoins will be regulated under the GENIUS Act, it鈥檚 more imperative than ever to ensure that the US remains at the forefront of tokenised innovation," he highlights.
The CFTC鈥檚 Global Markets Advisory Committee (GMAC), sponsored by Pham, released a recommendation last year by its Digital Asset Markets Subcommittee (DAMS) on expanding the use of non-cash collateral through distributed ledger technology (DLT).鈥�
The President鈥檚 working group report directs the CFTC to provide guidance on the adoption of tokenised non-cash collateral as regulatory margin to implement the CFTC鈥檚 Global Markets Advisory Committee (GMAC) Digital Asset Markets Subcommittee (DAMS) recommendation.
Jack McDonald, senior vice president of Stablecoins at Ripple, adds: 鈥淭his CFTC initiative is an important step toward integrating stablecoins into the heart of regulated financial markets.
鈥淓stablishing clear rules for valuation, custody, and settlement will give institutions the certainty they need, while guardrails on reserves and governance will build trust and resilience.
鈥淎t Ripple, we believe tokenised collateral can drive greater efficiency and transparency in derivatives markets, strengthening US leadership in financial innovation.鈥�
The CFTC invites interested stakeholders to submit feedback and suggestions on the use of tokenised collateral including stablecoins in derivatives markets.
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