CFTC ready to allow use of tokenized assets in derivatives

Circle, Tether, and Coinbase executives have supported the regulator’s decision

24.09.2025 - 12:35

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3 min

Key points:

The CFTC is discussing the use of stablecoins and tokenized assets as collateral in derivatives markets.
USDC and USDT may be considered similar to traditional collateral.
This decision was supported by Circle, Tether, Ripple, Coinbase, and Crypto.com.

The US Commodity Futures Trading Commission (CFTC) is considering the use of tokenized assets, including stablecoins, as collateral in derivatives markets. This move is supported by crypto industry leaders.

CFTC Acting Chair Caroline Pham said the agency will “work closely with stakeholders” on this scheme and is encouraging feedback on the use of tokenized collateral in derivatives markets until October 20. She added:

“The public has spoken: tokenized markets are here, and they are the future. For years I have said that collateral management is the ‘killer app’ for stablecoins in markets.”

If the decision is implemented, USDC and Tether will be treated similarly to traditional collateral — cash or US government bonds. Congress has already passed laws regulating stablecoins, which has increased their demand among financial institutions.

Source: x.com

The crypto industry supported the initiative

The heads of stablecoin issuers Circle Internet Group, Tether, Ripple Labs, as well as crypto exchanges Coinbase and Crypto.com, approved the CFTC’s actions. Circle President Heath Tarbert noted:

“creates a world where payment stablecoins issued by licensed American companies can be used as collateral in derivatives and other traditional financial markets.”

Coinbase Chief Legal Officer Paul Grewal also supported the initiative. In his opinion, tokenized collateral and stablecoins could open up access to US derivatives markets and put the platform ahead of its competitors.

Source: x.com