US regulator explores integration of tokenized assets into financial infrastructure
The US Commodity Futures Trading Commission (CFTC) has launched an initiative that could allow stablecoins and tokenized assets to be used as collateral in derivatives markets, marking a major step toward integrating digital assets into the regulated financial system.
Stablecoins enter the spotlight
Acting chair Caroline Pham confirmed the agency will seek public feedback until October 20 on the proposal, emphasizing the growing importance of tokenized markets.
âThe public has spoken: tokenized markets are here, and they are the future. For years I have said that collateral management is the âkiller appâ for stablecoins in markets,â Pham noted.
If implemented, stablecoins such as USDC and Tetherâs USDT could be treated like cash or US Treasurys when posted as collateral for derivatives trading. The move builds on Congressâ passage of the GENIUS Act in July, aimed at creating clear rules for payment stablecoins.
Industry leaders show strong support
Major crypto executives quickly endorsed the CFTCâs initiative. Circle president Heath Tarbert stated that using trusted stablecoins as collateral âwill lower costs, reduce risk, and unlock liquidity across global markets 24/7/365.â
Ripple executive Jack McDonald added that establishing guardrails on valuation, custody, and settlement will strengthen institutional trust, while Coinbase legal chief Paul Grewal highlighted that tokenized collateral âcan unlock US derivatives markets and put us ahead of global competition.â
The plan follows the CFTCâs Crypto CEO Forum earlier this year, where leaders discussed pilot programs for tokenized non-cash collateral. It also aligns with recommendations from the agencyâs Digital Asset Markets Subcommittee, which previously called for broader use of distributed ledger technology in collateral management.
Shifting US regulatory landscape
The development comes as the Securities and Exchange Commission pursues its own modernization efforts, including a proposed âinnovation exemptionâ to provide temporary regulatory relief for crypto firms. Together, these efforts signal a rapid shift in the US approach to digital asset oversight.
By formally recognizing stablecoins as eligible collateral, the CFTC is positioning tokenized assets at the center of regulated financial marketsâan evolution that could reshape derivatives trading for years to come.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.