The CFTC now allows certain FCMs to accept Bitcoin, Ethereum, and stablecoins like USDC as collateral on regulated derivatives.
Bitcoin, Ethereum, and Stablecoins Admitted as Margin Collateral on Derivatives
The American regulation takes a decisive step towards market tokenization. The Commodity Futures Trading Commission (CFTC) launches a pilot program allowing the use of Bitcoin, Ethereum, and stablecoins like USDC as collateral on regulated derivatives markets in the United States. A first that anchors digital assets at the heart of traditional finance infrastructure.
A Strict Framework of Custody, Reporting, and Segregation
Announced by acting chair Caroline Pham, the program enables certain Futures Commission Merchants (FCMs) to accept BTC, ETH, and stablecoins like USDC as margin for futures contracts and swaps. This evolution does not only involve “pure” cryptocurrencies. The pilot is part of a broader movement to regulate the use of tokenized collateral, including real assets like US Treasuries. The CFTC seeks to establish clear safeguards for these new forms of guarantees.
The program is not just a symbolic green light. Participating FCMs must meet enhanced requirements for asset custody, segregation, and risk management. During the initial three months, they must publish detailed weekly reports on their digital asset exposures and promptly notify the CFTC of any incidents. In parallel, the agency issued a “no-action” letter allowing FCMs to hold certain digital assets in segregated accounts for their clients, provided they strictly adhere to risk control procedures.
The CFTC also seizes the opportunity to repeal a 2020 rule that effectively blocked the use of crypto as collateral. Deemed obsolete after the enactment of the GENIUS Act, this regulatory rollback removes a major impediment.
The GENIUS Act as a Catalyst for Tokenization
The pilot follows in the wake of the GENIUS Act, the first major federal legislation regulating payment stablecoins and digital finance more broadly. By allowing the use of stablecoins and tokenized assets as collateral, the CFTC brings to life the legislator’s intention: enabling U.S. markets to leverage programmability while ensuring client protection.
Towards Integrated On-Chain Finance in US Derivatives Markets
The CFTC emphasizes the technological neutrality of its approach. Tokenized assets must meet the same requirements for legal execution, valuation, and custody as their traditional counterparts. But the message is clear: tokenization is no longer a peripheral issue; it becomes a strategic component of the U.S. futures markets. In the long run, seeing bitcoin or stablecoins in the collateral pools of major clearinghouses could become commonplace. This pilot is the first concrete step towards that.
