CFTC proposes using stablecoins as collateral in the US Derivative market. Photo: CryptoSlate
CFTC's New Initiative
- The Commodity Futures Trading Commission ( CFTC ) has just introduced an initiative to use stablecoins and Tokenize as collateral. valid in the Derivative market. The move, initiated by Acting Chair Caroline D. Pham , is considered a turning point paving the way for crypto to penetrate deeper into the US financial system.
“Over the years, I have always believed that collateral management is the key application of stablecoins. This initiative will help market participants exploit Capital flows more intelligently and efficiently,” Caroline emphasized.
- Since her time as CFTC Commissioner under the previous administration, Caroline has been pushing for a regulatory testing framework for Token . After assuming the role of Acting Chair, she has continued to push forward and implement a stablecoin-backed Token testing plan.
- In February this year, the CFTC launched a pilot for non-cash collateral, in which stablecoins play a central Vai . The program also has the participation of many industry giants such as Circle, Coinbase, Ripple, Crypto.com and Moonpay.
- Notably, Ms. Caroline also left open the possibility of expanding the scope to Bitcoin (BTC) and Ethereum (ETH) in the future, not stopping at stablecoins.
- The CFTC's move comes as the US Congress approved the GENIUS Act this summer - the first legislation specifically for stablecoins. This law lays the legal foundation for the USD-backed asset class, which is the "bloodline" of the crypto market and decentralized finance. The Treasury Department and federal regulators are still studying the enforcement mechanism of this law, aiming to create a unified and clear oversight framework.
“Weapons” to increase transparency and efficiency
- According to Jack McDonald, Vice President of Stablecoins at Ripple, the inclusion of Tokenize collateral such as stablecoins in financial Futures Contract - from futures to swaps - will increase transparency, improve operational efficiency and reduce default risk thanks to transparent and timely collateral management mechanisms.
- Last year, the Global Market Advisory Committee (GMAC) – under the auspices of Caroline Pham – also recommended expanding the use of non-cash collateral through blockchain technology, paving the way for this initiative.
- CFTC affirmed that it will take advantage of sandbox management and pilot experience from the 1990s to control risks, avoiding the scenario of massive and uncontrolled application.
- The stablecoin initiative is also part of a broader strategy that Caroline calls the “crypto sprint” to accelerate the integration of crypto into US Capital markets and realize the recommendations in the President’s Working Group Report on Digital Asset Markets.
Call from CFTC
- The CFTC is now inviting industry stakeholders to submit written comments on the use of Tokenize collateral in Derivative markets, with a deadline of October 20, 2025. The official press release also noted support from executives from Circle, Coinbase, Ripple, and Crypto.com.
- Not just stopping at crypto, these moves are also creating strong ripple effects:
Citigroup is considering providing stablecoin custody and settlement services, and is not ruling out the possibility of issuing its own stablecoin .
Recent academic studies have shown that stablecoins like Tether (USDT) have become large buyers of US Treasury bonds, thereby directly affecting interest rates and the government's cost of raising Capital .
- Along with the CFTC, the US Securities and Exchange Commission (SEC) is also XEM a new regulation called “innovation exemption” : significantly shortening the time for crypto companies to launch new products, reducing legal barriers; creating conditions for startups and blockchain projects to bring products to the US market more quickly and flexibly.
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