Key Highlights
- The U.S. CFTC has announced the launch of a pilot program, which allows major firms to use Bitcoin, Ethereum, and USDC as collateral for derivatives trading
- Apart from the pilot, the regulator issued new guidance that will provide a legal framework for using tokenized versions of traditional assets like Treasury bonds as collateral
- The CFTC’s Market Participants Division has issued a non-action position for FCMs using digital assets, including stablecoin, as customer margin
On December 8, the Commodity Futures Trading Commission (CFTC)’s acting chairman, Caroline D. Pham, announced the launch of a Digital Assets Pilot Program. This initiative will allow major financial institutions and firms to use Bitcoin, Ethereum, and the USDC stablecoin as collateral on derivative markets.
Caroline D. Pham stated that this initiative is part of America’s “Golden Age of Innovation and Crypto” to make the country a global leader in digital asset innovation. This newly launched program is the direct result of the regulatory “Crypto Sprint” launched in November 2025 to implement recommendations from a presidential working group.
“Today, I am launching a U.S. digital assets pilot program for tokenized collateral, including bitcoin and ether, in our derivatives markets that establishes clear guardrails to protect customer assets and provides enhanced CFTC monitoring and reporting. The CFTC is also providing regulatory clarity through tokenized collateral guidance for real-world assets like U.S. Treasuries, and withdrawing CFTC requirements that are now outdated under the GENIUS Act,” she stated in the official statement.
What is the Digital Asset Pilot Program
According to the official announcement, the pilot program will create a controlled testing environment, known as a regulatory sandbox. Participation will be voluntary for firms registered with the regulatory agency, such as prominent clearinghouses and futures merchants. These firms can now use BTC, ETH, and USDC to meet margin requirements for complex financial products like swaps, futures, and options.
However, there will be strict safety rules in place. All digital collateral must be valued in real-time using approved price feed services. Major “haircuts,” or discounts, will be applied to the value of the crypto to account for price swings. All assets would be held with qualified custodians like Anchorage Digital or Fidelity Digital Assets.
Kris Marszalek, Co-Founder and CEO of Crypto.com, stated in the press release, “The CFTC guidance on tokenized collateral is the latest example of Acting Chairman Pham delivering on the promise of President Trump to make the United States the ‘crypto capital of the world.’ Acting Chairman Pham should be commended for these leadership efforts.”
“For years, we have been able to offer tokenized collateral in markets other than the United States. It has only been because of the leadership of Acting Chairman Pham and the CFTC’s exclusive jurisdiction over our CFTC-regulated clearinghouse that we will now be able to use tokenized collateral to support our CFTC-regulated crypto and predictions market products, as well as our margined derivatives. This means 24/7 trading is a reality in the United States. We are fully open for business and are excited for this new chapter,” he further added.
New Rules for Tokenized Traditional Assets
Apart from the pilot program, the agency released a detailed guideline for “tokenized collateral.” This will provide a framework for using digital versions of traditional assets as collateral, including U.S. Treasury bonds or money market funds.
The rules state that tokenized assets must follow the existing CFTC regulations. For a stablecoin like USDC to be used, it must conduct regular audits to prove its USD reserves. This guidance will work alongside other laws, such as the GENIUS Act signed by U.S. President Donald Trump. It aims to ensure these new digital tools are integrated safely.
“The CFTC’s actions mark a pivotal moment for integrating digital assets into regulated derivatives markets. By recognizing tokenized digital assets—including stablecoins—as eligible margin, the CFTC is providing the regulatory clarity needed to move the industry forward,” Jack McDonald, SVP of Stablecoins at Ripple, said in the press release.
The CFTC’s Market Participants Division has shared a non-action position for FCMs using digital assets, including stablecoin, as customer margin.
