The Commodity Futures Trading Commission (CFTC) announced in its press release a new initiative that would enable the use of tokenized assets, including stablecoins such as USDC and USDT, as collateral in derivatives trading. The plan marks another step in the agency’s broader “crypto sprint” to integrate digital assets into regulated U.S. financial markets.
.@CFTCpham Launches Tokenized Collateral and Stablecoins Initiative: https://t.co/6juQp6PhdI
— CFTC (@CFTC) September 23, 2025
Pham: “Collateral management is the killer app for stablecoins”
CFTC Acting Chairman Caroline D. Pham unveiled the initiative Tuesday, saying it builds on the agency’s Crypto CEO Forum in February and recommendations from the President’s Working Group on Digital Asset Markets.
“Since January, the CFTC has taken clear action to usher in America’s Golden Age of Crypto,” Pham said. “The public has spoken: tokenized 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 CFTC’s Global Markets Advisory Committee from last year.”
Pham added on X, the agency will “work closely with stakeholders to enable the use of tokenized collateral, including stablecoins” and invited public input through Oct. 20. The CFTC described the effort as part of its push for “responsible innovation” and modernization of collateral management systems.
CRYPTO SPRINT: @CFTC launches tokenized collateral and stablecoins initiative with industry partners. It’s the killer app to modernize markets and make dollars work smarter and go further, unleashing U.S. economic growth by lowering costs 🇺🇸 @circle @coinbase @cryptocom… pic.twitter.com/VLCeGNS6K5
— Caroline D. Pham (@CarolineDPham) September 23, 2025
Industry executives back the plan
The announcement drew support from major crypto companies:
Paolo Ardoino, CEO of Tether, added:
“Stablecoins, now a nearly $300 billion global market, are becoming a core building block of modern finance by enabling faster settlement, deeper liquidity, and greater market resilience.”
Jack McDonald, SVP of Stablecoins at Ripple, said:
“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.”
Kris Marszalek, CEO of Crypto.com, said:
“We are pleased to support the recommendations advanced by the GMAC related to the use of non-cash collateral, including BTC and CRO, to satisfy regulatory margin requirements. We want to thank Acting Chairman Pham for her leadership and for continuing her pledge to usher in America’s Golden Age of Crypto.”
Greg Tusar, VP of Coinbase Institutional Product, said:
“Stablecoins are the future of money, and tokenized collateral is just the beginning. We commend Acting Chair Pham for recognizing the power of stablecoins to revolutionize our derivatives market… Now that stablecoins will be regulated under the GENIUS Act, it’s more imperative than ever to ensure that the US remains at the forefront of tokenized innovation.”
Circle President Heath Tarbert said:
“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.”
Building on the GENIUS Act and GMAC recommendations
The initiative follows the GENIUS Act, signed into law in July, which creates a regulatory framework for U.S.-issued payment stablecoins. Final rules are still pending, but the act lays the foundation for their usage in financial markets.
The CFTC’s Global Markets Advisory Committee previously recommended expanding non-cash collateral via distributed ledger technology. The President’s Working Group report also directed the agency to provide guidance on tokenized collateral adoption.
Pham has proposed pilot programs, similar to past “sandboxes” used by the CFTC since the 1990s, to provide clarity for digital asset markets.
Next steps
The CFTC is now seeking written public comments until Oct. 20, 2025, on topics including:
- adoption of tokenized non-cash collateral as margin,
- design of pilot programs for digital assets,
- amendments needed to CFTC regulations to implement the PWG’s recommendations.
Submissions will be published on CFTC.gov.
Oleksii Shumak
Disclosure: This report is based on the CFTC’s official press release (Sept. 23, 2025) and supporting statements from Circle, Coinbase, Tether, Ripple, and Crypto.com. No position in stablecoins, USDC, or USDT is held by this author at the time of writing. This article is for informational purposes only and does not constitute investment advice.
