US CFTC Starts Token-based Derivatives Collateral Trial, What’s the Project Like?

Jakarta, Pintu News – The United States Commodity Futures Trading Commission (CFTC) recently announced the launch of a pilot program for the use of token assets as collateral in derivatives markets.

The program allows registered futures commission merchants to accept Bitcoin (BTC), Ethereum (ETH), USDC, and tokenized real assets as collateral. The initiative is expected to bring innovation while maintaining long-standing market protections.

Controlled Framework for Digital Collateral

Caroline Pham, CFTC Acting Chair, described the program as a structured way to integrate crypto activity into the US financial system, which previously operated mostly on offshore exchanges. The program is designed to test operational resilience, collateral handling, and market impact in a controlled environment.

Participating companies are required to provide weekly reports showing assets held in customer accounts and disclose any operational issues.

The CFTC has also updated guidance confirming that its rules are technology neutral, meaning assets such as tokenized Treasuries and money market funds can meet existing collateral standards, provided custody and valuation controls are sufficiently robust.

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Removal of Restrictions and its Impact

Alongside this announcement, the CFTC is withdrawing Staff Advisory 20-34, which the regulator says no longer reflects current market conditions following the enactment of the GENIUS Act and advances in tokenization. The removal of this advisory lifts previous restrictions that limited the ability of firms to hold digital assets as collateral.

The move expands the possibilities for tokenized assets, from stablecoins to tokenized Treasuries, to operate in the world’s largest derivatives market with clear rules. It marks the CFTC’s shift towards a market structure where tokenized collateral and 24/7 settlement can exist within the same regulatory framework that governs traditional futures.

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Industry Reaction and Upcoming Meetings

Industry leaders have welcomed this change. Paul Grewal, Coinbase’s chief legal officer, stated that tokenized assets offer faster and safer settlements. Circle called the move an important step for stablecoins in regulated markets. Kris Marszalek, CEO of Crypto.com, said the program provides clarity for US companies that other regions already enjoy.

The announcement also coincides with a meeting between major banks and US senators on December 11 to discuss crypto legislation, where tokenized collateral is expected to be a key topic. In a separate development, the SEC has closed its multi-year investigation into tokenized RWA issuer Ondo Finance, reducing regulatory uncertainty for the sector.

Conclusion

The CFTC’s new initiative not only opens up new opportunities in the use of digital assets as collateral but also marks an important step in the integration of blockchain technology into the mainstream financial system. With a clear framework and strict oversight, the US derivatives market is poised for further innovation.

FAQ

What is CFTC?

The CFTC (Commodity Futures Trading Commission) is a US government agency that regulates the derivatives market.

What assets are accepted as collateral under the new CFTC program?

The program accepts Bitcoin (BTC), Ethereum (ETH), USDC, and tokenized real assets as collateral.

What is the main objective of this CFTC pilot program?

The main objective is to integrate crypto activities into the US financial system and test the operational robustness and market impact of using tokenized assets as collateral.

Why did the CFTC recall Staff Advisors 20-34?

The CFTC withdrew Staff Advisory 20-34 as it no longer reflected current market conditions, especially after the enactment of the GENIUS Act and advances in tokenization.

How did the industry react to this announcement?

Industry leaders welcomed this announcement, with some stating that it offers a faster and safer settlement and provides greater regulatory clarity.

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Reference

• Crypto News. U.S. CFTC to Pilot Tokenized Derivatives Collateral by 2025. Accessed on December 10, 2025
• Featured Image: Coinmarketcap