Key Takeaways:
- The CFTC is considering allowing stablecoins like USDC and USDT as collateral in regulated derivatives markets, with public feedback open until October 20.
- Industry leaders from Circle, Ripple, Coinbase, and others back the move, citing benefits like reduced risk and increased liquidity.
- The proposal aligns with broader U.S. policy shifts, including the GENIUS Act and the SEC’s “innovation exemption” to support digital asset integration.
The U.S. Commodity Futures Trading Commission (CFTC) is considering a major policy shift that would let derivatives traders use stablecoins and other tokenized assets as collateral.
Acting chair Caroline Pham confirmed the agency is taking public feedback until October 20, calling collateral management the “killer app” for stablecoins.
JUST IN: 🇺🇸 CFTC advances tokenized collateral initiative, paving way for #Stablecoins as derivatives market margin amid GENIUS Act implementation push.
— Bitcoin.com News (@BTCTN) September 23, 2025
🎙️"Since January, the CFTC has taken clear action to usher in America's Golden Age of Crypto." pic.twitter.com/GaNUps7p4g
If adopted, regulated markets could begin accepting USDC, USDT, and similar assets alongside cash and U.S. Treasurys.
The initiative follows President Donald Trump’s signing of the GENIUS Act in July, which establishes regulatory standards for payment stablecoins but leaves implementation details pending.
The proposal has drawn strong industry support, with executives from Circle, Tether, Ripple, Coinbase, and Crypto.com praising its potential to reduce costs, improve risk management, and boost liquidity.
Heath Tarbert, president of Circle, said trusted U.S.-issued stablecoins could seamlessly serve as collateral across global markets.
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
The CFTC plan is part of a broader strategy to integrate digital assets, including pilot programs and input from its Global Markets Advisory Committee.
On the same day, SEC Chair Paul Atkins announced work on an “innovation exemption” to give crypto firms temporary relief from legacy rules, complementing the SEC’s Project Crypto initiative.
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