The Commodity Futures Trading Commission (CFTC) on Monday launched a pilot program allowing select digital assets — bitcoin, ether and and USD Coin (USDC) or other payment stablecoins — to be used as collateral in U.S. derivatives markets.
The program, announced by Acting Chairman Caroline Pham, is part of a broader push to give market participants clear rules for using tokenized collateral, including tokenized versions of real-world assets like U.S. Treasuries.
The CFTC had already begun working to let stablecoins be used as collateral for certain products earlier this year.
For now, the program applies only to futures commission merchants (FCMs) that meet certain criteria. These firms can accept BTC, ETH and payment stablecoins like USDC as margin collateral for futures and swaps, but must comply with strict reporting and custody requirements.
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