CFTC to Permit Stablecoins as Collateral in Derivatives Markets

The U.S. Commodity Futures Trading Commission (CFTC) is preparing to authorize the use of tokenised collateral — including stablecoins — in derivatives trading. The initiative, announced by Acting Chair Caroline Pham, marks one of the regulator's most significant steps yet toward integrating digital assets into traditional financial markets.

The policy shift is part of what Pham called the CFTC's "crypto sprint," designed to implement recommendations from the Working Group on Digital Asset Markets. It comes shortly after U.S. lawmakers passed the Genius Act, which lays out oversight rules for stablecoin issuers.

Speaking at the Crypto CEO Forum, Pham argued that tokenisation could improve efficiency in collateral management and reduce costs. "These market improvements will unleash U.S. economic growth because market participants can put their dollars to work smarter and go further," she said. She also described collateral management as a "killer app" for stablecoins.

The initiative drew support from industry leaders at Coinbase, Crypto.com, Ripple, and Tether, many of whom have been advocating for clearer rules in U.S. markets. The decision also signals closer cooperation between agencies, after the CFTC and SEC issued a joint statement earlier this year clarifying their respective roles in regulating digital assets.

In parallel, the CFTC is weighing whether to allow European platforms authorized under the EU's MiCA framework to operate in the United States. The regulator is also considering whether to permit "spot crypto asset contracts" on U.S.-registered futures exchanges.

This spring, the agency opened consultations on proposals for 24-hour derivatives trading and the introduction of perpetual futures. The SEC has been exploring similar ground, granting approval for certain venues to extend operating hours.

Pham concluded that the U.S. market is at an inflection point: "The public has spoken: tokenised markets are here, and they are the future."