- CFTC aims to bring stablecoins into the $600T U.S. derivatives market.
- Coinbase, Ripple, and Circle back Caroline Pham’s tokenized collateral plan.
- Public comments open until October 20 before rulemaking is finalized.
The U.S. Commodity Futures Trading Commission (CFTC) is preparing to let stablecoins and other tokenized assets serve as collateral in America’s $600 trillion derivatives market.
Acting chair Caroline Pham said the work is part of the agency’s “crypto sprint,” aimed at cutting costs and boosting liquidity without losing oversight.
“Since January, the CFTC has been taking steps to bring blockchain into derivatives markets,” Pham said. She framed tokenized collateral as a way to modernize collateral management and unlock capital efficiency.
How the Plan Works
The CFTC will work with industry leaders including Ripple, Coinbase, Circle, and Crypto.com to shape the rollout.
Coinbase CLO Paul Grewal called the shift a major step forward for U.S. markets. He argued that tokenized collateral backed by stablecoins will reduce costs, deepen liquidity, and improve efficiency across the board.
Circle president Heath Tarbert said the plan builds on the GENIUS Act and the Trump administration’s Digital Asset Markets report. Both laid the groundwork for regulated use of blockchain in U.S. finance.
Crypto.com CEO Kris Marszalek went further, saying the CFTC’s push could mark America’s “Golden Age of crypto.” He pointed to the potential use of Bitcoin and other non-cash collateral to widen access to U.S. derivatives markets.
Related: SEC and CFTC Issue Vague Crypto Statement, But Lawyers Say Nothing Has Changed
Public Comments Open
The CFTC is inviting comments from the public until October 20, 2025. Industry participants will have the chance to weigh in on how tokenized collateral should be designed and supervised.
What It Means for Stablecoins
The stablecoin market, worth about $300 billion today, could be the biggest beneficiary. If stablecoins are accepted as regulated collateral, analysts expect the market could quickly expand toward the trillion-dollar mark.
How Big is the U.S. Derivatives Market?
According to a recent report, the United States has the lion’s share of the global derivatives market, which is estimated at over $600 trillion. Some of the exchanges regulated by CFTC include CME Group, ICE in addition to crypto exchanges offering commodities trading.
The upcoming Clarity Act will further widen CFTC’s mandate on crypto exchanges offering commodity derivatives trading.
Benefit on the Wider Crypto Market
The use of tokenized collateral to modernize the U.S. derivatives market will have a profound impact on the wider crypto market. The imminent increase in on-chain activities will reciprocate to higher demand for underlying tokens, thus fueling a macro bullish outlook in the long haul.
Related: RLUSD Integrated Into Securitize for Instant Redemptions From BlackRock and VanEck Funds
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