US derivatives regulator to launch tokenized collateral pilot
|The US Commodity Futures Trading Commission (CFTC) has announced a "Tokenized Collateral Program" that, once launched, will let regulated derivatives traders test the use of stablecoins as collateral. The initiative is structured as a pilot. It will apply to clearinghouses and futures commission merchants operating under CFTC oversight.
The pilot is intended to assess operational, legal, and risk implications of tokenized collateral in derivatives markets. It is scheduled to run for three years, with participants required to meet strict risk management and compliance standards.
Stablecoins will be considered for use as collateral due to their central role in digital asset markets. The pilot will not endorse any specific stablecoin or issuer. The CFTC will evaluate outcomes before considering expansion or changes to collateral rules.
Chairman Rostin Behnam stated the pilot is meant to modernize collateral management while safeguarding financial stability and customer protection.
If implemented, this will be the first formal CFTC initiative to test stablecoins as collateral in US derivatives markets.
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