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CFTC launches tokenised collateral and stablecoins initiative


26 September 2025 US
Reporter: Hansa Tote

Generic business image for news article
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 CFTCs Crypto CEO forum held in February 2025, and is part of the CFTCs crypto sprint to implement the recommendations in the Presidents 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 Americas Golden Age of Crypto 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 put their dollars to work smarter and go further.

She continues: The public has spoken: tokenised markets are here, and they are the future. For years I have said that collateral management is the killer app for stablecoins in markets.

Today, we are finally moving forward on the work of the CFTCs global markets advisory committee from last year.

Circle President Heath Tarbert adds: The 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.

Commenting on the news, Greg Tusar, vice president of Coinbase Institutional Product, notes that stablecoins are the future of money, and that tokenised collateral is just the beginning.

Now that stablecoins will be regulated under the GENIUS Act, its more imperative than ever to ensure that the US remains at the forefront of tokenised innovation," he highlights.

The CFTCs 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).

The Presidents working group report directs the CFTC to provide guidance on the adoption of tokenised non-cash collateral as regulatory margin to implement the CFTCs Global Markets Advisory Committee (GMAC) Digital Asset Markets Subcommittee (DAMS) recommendation.

Jack McDonald, senior vice president of Stablecoins at Ripple, adds: This CFTC initiative is an important step toward integrating stablecoins into the heart of regulated financial markets.

Establishing 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.

At Ripple, we believe tokenised collateral can drive greater efficiency and transparency in derivatives markets, strengthening US leadership in financial innovation.

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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→ Liquidity
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