US CFTC Launches Stablecoin Collateral Plan For Derivatives Markets

The U.S. Commodity Futures Trading Commission (CFTC) has unveiled an initiative, letting stablecoins serve as tokenised collateral in derivatives markets.

CFTC acting chair Caroline Pham announced Tuesday that the agency will “work closely with stakeholders” on the directive. She called it the “killer app” to modernize markets by adopting non-cash collaterals and thus lowering costs.

CRYPTO SPRINT: @CFTC launches tokenized collateral and stablecoins initiative with industry partners. It’s the killer app to modernize markets and make dollars work smarter and go further, unleashing U.S. economic growth by lowering costs 🇺🇸 @circle @coinbase @cryptocom… pic.twitter.com/VLCeGNS6K5

— Caroline D. Pham (@CarolineDPham) September 23, 2025

“The public has spoken: tokenized markets are here, and they are the future,” she said, inviting inputs from the industry.

The scheme builds on the agency’s “crypto sprint” to implement the President’s Working Group on Digital Asset Markets report recommendations.

“For years I have said that collateral management is the ‘killer app’ for stablecoins in markets. Today, we are finally moving forward on the work of the CFTC’s Global Markets Advisory Committee from last year.”

The public feedback window is open until October 20, and the submissions will be published on the agency website.

Major Stablecoin Players Back CFTC Initiative

Some of the stablecoin heavyweights, including Circle, Ripple and Tether, have lauded the CFTC’s move. Circle President Heath Tarbert said that the initiative will lower costs, reduce risk, and unlock liquidity across global markets round the clock.

If implemented, stablecoins such as Circle’s USDC and Tether’s USDT would receive equal attention as traditional collaterals like cash.

Further, the US GENIUS Act, which has been a turning point for regulation, has reshaped stablecoin strategy, quickly becoming the sector’s defining edge.

Paolo Ardoino, CEO of Tether said that stablecoins, nearly $300 billion global market, have become “a core building block of modern finance, by enabling faster settlement, deeper liquidity, and greater market resilience.”

“The decision to recognize stablecoins as part of U.S. market infrastructure is an important step toward strengthening the US’s leadership in global finance and in ensuring its markets remain competitive.”

Cody Carbone, CEO of Digital Chamber said that the CFTC directive is “the kind of forward-looking stuff that makes US markets stronger, safer, and competitive.”

Great move by @CFTCpham 👏🏻 This is the kind of forward-looking stuff that makes US markets stronger, safer, and competitive.

Excited to dive into this and see industry feedback/ideas. https://t.co/roOiM7ssIS

— Cody Carbone (@CodyCarboneDC) September 23, 2025

“Excited to dive into this and see industry feedback/ideas,” he added.