CFTC launches digital assets pilot programme for tokenised collateral
09 December 2025 US
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The Commodity Futures Trading Commission (CFTC) has announced the launch of a digital assets pilot programme for digital assets to be used as collateral in derivatives markets.
Digital assets such as bitcoin, ether, and USDC 鈥� or other payment stablecoins 鈥� will be included in the pilot programme.
CFTC Acting Chairman Caroline D. Pham says: 鈥淎s I鈥檝e said before, embracing responsible innovation ensures that US markets are the world leader, and drives progress that will unleash US economic growth because market participants can safely put their dollars to work smarter and go further.鈥�
The move marks a significant milestone in the expanded adoption of digital assets in regulated markets with appropriate guardrails.
Paul Grewal, Coinbase chief legal officer, comments: 鈥淭he CFTC's decision confirms what the crypto industry has long known: that stablecoins and digital assets can make payments faster, cheaper, and reduce risk.
鈥淭his major unlock is precisely what the Administration and Congress intended the GENIUS Act to enable 鈥� and will allow digital innovation to transform and improve traditional areas of finance. We encourage other regulators to quickly follow suit.鈥�
According to Heath Tarbert, president of Circle, the ability to deploy prudentially supervised payment stablecoins across CFTC-regulated markets protects customers, reduces settlement frictions, supports 24/7 risk reduction, and advances US dollar leadership through global regulatory interoperability.
He adds: 鈥淓nabling near-real-time margin settlement will also mitigate settlement-failure and liquidity-squeeze risks across evenings, weekends, and holidays.鈥�
The CFTC has also published updated guidance on the use of tokenised assets as collateral in the trading of futures and swaps.
The guidance 鈥� which encourages the analysis of tokenised assets on an individual basis in accordance with the CFTC鈥檚 existing regulatory framework 鈥� applies to tokenised real world assets, including US Treasury securities and money market funds.
Further, the CFTC鈥檚 Market Participants Division issued a no-action position with respect to certain requirements applicable to futures commission merchants (FCMs) that accept non-securities digital assets, including payment stablecoins, as customer margin collateral or hold certain proprietary payment stablecoins in segregated customer accounts.
The no-action position aims to provide market participants with regulatory clarity regarding the application of the segregation and capital requirements to FCMs that accept these digital assets as margin collateral, while highlighting the importance of FCMs鈥� maintaining robust risk management practices.
During the first three months from the commencement of an FCM鈥檚 reliance on the no-action position, the digital assets that an FCM could accept as margin collateral will be limited to bitcoin, ether, and USDC.
In this initial period, an FCM relying on the no-action letter will be required to provide weekly reporting of the total amount of digital assets held in customer accounts, and will need to notify the CFTC of any significant issue affecting the use of digital assets as customer margin collateral.
Jack McDonald, senior vice president of Stablecoins at Ripple, notes: 鈥淭he CFTC's actions mark a pivotal moment for integrating digital assets into regulated derivatives markets.
鈥淏y recognising tokenised digital assets 鈥� including stablecoins 鈥� as eligible margin, the CFTC is providing the regulatory clarity needed to move the industry forward. This step will unlock greater capital efficiency and solidify US leadership in financial innovation.鈥�
Digital assets such as bitcoin, ether, and USDC 鈥� or other payment stablecoins 鈥� will be included in the pilot programme.
CFTC Acting Chairman Caroline D. Pham says: 鈥淎s I鈥檝e said before, embracing responsible innovation ensures that US markets are the world leader, and drives progress that will unleash US economic growth because market participants can safely put their dollars to work smarter and go further.鈥�
The move marks a significant milestone in the expanded adoption of digital assets in regulated markets with appropriate guardrails.
Paul Grewal, Coinbase chief legal officer, comments: 鈥淭he CFTC's decision confirms what the crypto industry has long known: that stablecoins and digital assets can make payments faster, cheaper, and reduce risk.
鈥淭his major unlock is precisely what the Administration and Congress intended the GENIUS Act to enable 鈥� and will allow digital innovation to transform and improve traditional areas of finance. We encourage other regulators to quickly follow suit.鈥�
According to Heath Tarbert, president of Circle, the ability to deploy prudentially supervised payment stablecoins across CFTC-regulated markets protects customers, reduces settlement frictions, supports 24/7 risk reduction, and advances US dollar leadership through global regulatory interoperability.
He adds: 鈥淓nabling near-real-time margin settlement will also mitigate settlement-failure and liquidity-squeeze risks across evenings, weekends, and holidays.鈥�
The CFTC has also published updated guidance on the use of tokenised assets as collateral in the trading of futures and swaps.
The guidance 鈥� which encourages the analysis of tokenised assets on an individual basis in accordance with the CFTC鈥檚 existing regulatory framework 鈥� applies to tokenised real world assets, including US Treasury securities and money market funds.
Further, the CFTC鈥檚 Market Participants Division issued a no-action position with respect to certain requirements applicable to futures commission merchants (FCMs) that accept non-securities digital assets, including payment stablecoins, as customer margin collateral or hold certain proprietary payment stablecoins in segregated customer accounts.
The no-action position aims to provide market participants with regulatory clarity regarding the application of the segregation and capital requirements to FCMs that accept these digital assets as margin collateral, while highlighting the importance of FCMs鈥� maintaining robust risk management practices.
During the first three months from the commencement of an FCM鈥檚 reliance on the no-action position, the digital assets that an FCM could accept as margin collateral will be limited to bitcoin, ether, and USDC.
In this initial period, an FCM relying on the no-action letter will be required to provide weekly reporting of the total amount of digital assets held in customer accounts, and will need to notify the CFTC of any significant issue affecting the use of digital assets as customer margin collateral.
Jack McDonald, senior vice president of Stablecoins at Ripple, notes: 鈥淭he CFTC's actions mark a pivotal moment for integrating digital assets into regulated derivatives markets.
鈥淏y recognising tokenised digital assets 鈥� including stablecoins 鈥� as eligible margin, the CFTC is providing the regulatory clarity needed to move the industry forward. This step will unlock greater capital efficiency and solidify US leadership in financial innovation.鈥�
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