The CFTC is paving the way for the use of stablecoins as regulatory collateral on derivative markets, a major step towards the tokenization of finance.
La CFTC donne le feu vert aux stablecoins
The US derivatives watchdog, the Commodity Futures Trading Commission (CFTC), seeks to elevate stablecoins into a new realm: serving as tokenized collateral to meet margin requirements in the vast derivatives market. The announcement, made Tuesday night by Caroline Pham, interim chair of the agency, marks a decisive move in America’s ‘crypto sprint’ strategy.
Une offensive en pleine bataille de gouvernance
While the Senate remains deadlocked on Brian Quintenz’s appointment as head of the CFTC by Donald Trump, Caroline Pham continues to push forward. For months, she has been spearheading initiatives, often in tandem with Paul Atkins, SEC chairman, to speed up the integration of digital assets. Her mantra: turning regulation into a driver of innovation rather than a hindrance.
“The management of collateral is the killer app of stablecoins in the financial markets,” she emphasized. This program aims to test on a large scale how stablecoins, now regulated by the GENIUS Act, can enhance the fluidity of the financial system.
Stablecoins and Tokenization, a New Infrastructure
Concretely, the initiative aims to enable investors to use dollar-backed stablecoins as regulatory guarantees. A potential revolution for a derivatives market worth several trillion dollars. The agency calls on industry players, from Circle to Coinbase to Ripple, to submit their proposals by October 20. The goal: shaping an operational framework where tokenization becomes an essential building block of the American financial architecture.
The logic is simple: replacing some traditional collateral with stable digital tokens, directly usable in settlement systems. This accelerates exchanges, reduces costs, and offers market players instant access to liquidity.
Un message fort pour l’économie et les marchés
Thus, the CFTC aligns with recent recommendations from the President’s Working Group, calling on the agency to provide clear guidance on the use of tokenized non-monetary collateral. For Pham, this is not just a technical reform:
These improvements will unleash American economic growth. Market participants will be able to put their dollars to work more intelligently, and further.
If the initiative comes to fruition, stablecoins could reach a milestone: transitioning from crypto trading tools to central instruments of the global finance. For markets, this would indicate a rise in tokenization as a standard. For the crypto ecosystem, a major institutional recognition that could boost demand, especially for USDC and other stablecoins compliant with the GENIUS Act.
In the long run, this integration could directly influence capital flows, the dynamics of tokenized dollar, and even monetary policies. American regulation sends a clear signal: stablecoins are no longer a periphery of the financial system but a key piece of its future.
