The U.S. Commodity Futures Trading Commission (CFTC) has unveiled a new initiative allowing the use of tokenized collateral, including stablecoins, in derivatives markets. The move aims to improve capital efficiency and market transparency through modern blockchain technology.
Support from Major Market Players
Circle, Coinbase, Ripple, and Tether have expressed support for the initiative. Acting CFTC Chair Caroline Pham emphasized that tokenization and digital assets open new opportunities for collateral management and enhance market efficiency.
Circle’s President, Heath Tarbert, stated that the GENIUS Act establishes a framework where stablecoins issued by licensed U.S. companies can be used as collateral in derivatives markets and other financial segments.
Coinbase Vice President Greg Tusar called stablecoins the “future of money,” while Crypto.com CEO Kris Marszalek highlighted the importance of regulator-industry collaboration to advance tokenized markets.
Ripple Senior Vice President Jack McDonald noted that integrating stablecoins will increase efficiency and transparency in derivatives markets. Tether CEO Paolo Ardoino added that stablecoins, which already form a core component of the modern financial system, provide faster settlement, deeper liquidity, and greater market resilience.
Stablecoins and Market Potential
According to Messari, the market capitalization of stablecoins exceeds $250 billion, and the U.S. Treasury forecasts growth to over $2 trillion in the coming years.
The CFTC has invited market participants and the public to submit comments and proposals by October 20, noting that the initiative is based on recommendations from the Global Advisory Committee on Markets and is part of the Crypto Sprint, aimed at implementing the President’s working group proposals on digital assets.
