The CFTC pilot formally integrates BTC, ETH, and USDC into U.S. derivatives markets as recognized collateral.
Stablecoins like USDC gain new legitimacy as on-chain settlement infrastructure for institutional finance.
The program signals a structural shift toward regulated, large-scale capital entering the crypto ecosystem.
On December 9, 2025, Caroline D. Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), announced the launch of a Digital Asset Collateral Pilot Program—a landmark move that allows BTC, ETH, and USDC to be used as compliant margin in CFTC-regulated derivatives markets. Alongside the program, the agency issued new regulatory guidance on tokenized collateral and officially repealed outdated rules that became obsolete after the passage of the GENIUS Act.
Pham emphasized that fostering responsible innovation is essential for keeping U.S. markets globally competitive. By giving market participants clearer rules to safely deploy capital, she noted, the U.S. can support stronger, longer-term economic growth.
DIGITAL ASSETS ENTER THE DERIVATIVES MARKET AS FULLY RECOGNIZED COLLATERAL
For years, regulated derivatives markets in the U.S. only accepted traditional forms of collateral—cash, U.S. Treasuries, commercial paper, and similar instruments. Digital assets were categorically excluded.
This pilot represents the first time U.S. regulators are explicitly acknowledging digital assets as eligible collateral within core financial market infrastructure. It’s not merely procedural; it signals a deliberate policy shift toward integrating crypto with mainstream capital markets.
Here are the key components of the new framework:
📌 Eligible Participants: Futures Commission Merchants (FCMs)
The pilot applies exclusively to licensed Futures Commission Merchants (FCMs)—the backbone of the derivatives ecosystem. FCMs safeguard customer funds, manage margin processes, and connect firms to clearinghouses.
Allowing crypto collateral at the FCM level means regulators are opening the door at the system’s most foundational layer.
📌 Permitted Assets: BTC, ETH, and USDC (Initial 3-Month Phase)
During the first three months of the program, FCMs may accept only BTC, ETH, and USDC as digital asset collateral. Additional requirements include:
Weekly position reporting to the CFTC
Segregated accounts for digital asset collateral
Compliance with a technology-neutral risk-based framework
CFTC’s stance is clear: the focus is on risk characteristics, not on whether an asset is “crypto” or “traditional.”
📌 A Conservative and Highly Controlled Risk Framework
To protect the stability of the broader financial system, the pilot imposes strict oversight standards:
Digital assets must be held in fully segregated accounts, never co-mingled with firm capital
Weekly collateral reporting is mandatory
Significant issues must be reported immediately
The CFTC will apply the most conservative haircut rates to mitigate volatility risk
In short, this is not a free-for-all. It is a controlled, auditable, and risk-contained regulatory environment designed for incremental adoption.
📌 Repealing Old Rules and Introducing New Tokenized Collateral Guidance
With the launch of the pilot, the CFTC repealed Advisory 20-34, issued in 2020. After the GENIUS Act, the advisory no longer reflected the realities of modern markets.
The new guidance on tokenized collateral goes beyond crypto—it establishes a foundation for future on-chain versions of traditional assets, such as:
Tokenized Treasuries
Tokenized funds
Tokenized commercial paper
This signals that regulators are not only preparing for digital asset participation, but also for a broader transformation where major financial instruments migrate on-chain.
📌 A Shift in Regulatory Attitude: “No-Action Relief” for Pilot Participants
To support institutions interested in joining the pilot, the CFTC is offering No-Action Relief—effectively assuring FCMs that as long as they operate within the defined framework, they will not face additional enforcement risk.
For traditional financial institutions exploring their crypto strategy, this clarity operates as a regulatory green light.
It shows that the agency prefers structured collaboration over restrictive deterrence—an important signal for market confidence.
>>> More to read: Binance Insider Probe Sparks Outcry After Meme Token Leak
CRYPTO INDUSTRY LEADERS WEIGH IN
✅ Coinbase: Validating Industry Consensus and Advancing a Payments Revolution
Paul Grewal, Chief Legal Officer at Coinbase, wrote on X that the CFTC’s pilot program “confirms what the crypto industry has long understood: stablecoins and digital assets can make payments faster, cheaper, and less risky.”
He emphasized that the initiative directly reflects the intent behind the GENIUS Act, opening the door for stablecoins to operate as critical settlement instruments in global finance.
Coinbase Chief Policy Officer Faryar Shirzad added that the program will significantly expand digital asset utility and drive greater institutional participation in regulated markets. With stablecoins increasingly positioned as settlement rails, Shirzad noted, their potential for lower-cost and near-instant cross-border payments will finally begin to materialize.
>>> Learn more: Coinbase: The Best Legal and Secure Exchange
✅ Crypto.com: A Milestone for U.S. Markets and 24/7 Trading
Kris Marszalek, CEO of Crypto.com, called the announcement a defining moment that will help bring true 24/7 trading to U.S. financial markets.
He argued that enabling tokenized collateral reduces settlement friction, boosts liquidity, and creates a new benchmark for global markets. In his words, this is not only a technological breakthrough, but also a form of regulatory green-lighting that signals deeper integration between crypto and mainstream finance.
✅ Circle: Lower Settlement Risk and the Arrival of Real-Time Margining
Heath Tarbert, President of Circle, described the pilot as a major “unlock moment” for the crypto sector. He explained that institutions will now be able to manage risk more efficiently while maintaining their preferred asset exposure.
The shift toward near real-time margin settlement—one of the program’s most transformative features—will meaningfully reduce settlement risk and operational friction in derivatives markets. Tarbert highlighted that the recognition of USDC as eligible collateral further strengthens stablecoins’ emerging role at the core of modern financial infrastructure.
>>> Learn more: USDC and Circle: Transforming Global Payments with Blockchain
✅ Ripple: Capital Efficiency Unlocked, U.S. Regains Its Leadership Position
In its statement, Ripple said the trial “finally delivers the capital efficiency institutions have been waiting for,” and reaffirmed U.S. leadership at a critical moment for global financial innovation.
Allowing BTC, ETH, and USDC to be posted directly as margin eliminates the costly need for institutions to convert digital assets into cash, reducing operational friction and enabling potentially trillions of dollars to flow into regulated derivatives markets. Ripple described this transition as a strategic shift from offshore uncertainty toward domestic regulatory clarity.
THE REAL TURNING POINT IN U.S. CRYPTO REGULATION
The CFTC’s Digital Asset Collateral Pilot Program is more than a technical allowance for BTC, ETH, and USDC to be posted as compliant margin. It represents the first time digital assets are being integrated into the institutional architecture of U.S. financial markets.
Futures and swaps markets form the core funding engine of global finance. Once digital assets can be pledged and utilized within these markets, they are no longer treated merely as speculative instruments—they become regulated financial tools with a clear path for institutional adoption, liquidity expansion, and capital efficiency.
🔍 Why USDC’s Inclusion Is Symbolically
Bringing USDC into the program carries particular weight. It marks the first explicit recognition of a stablecoin as a digitized U.S. dollar instrument suitable for supporting regulated financial transactions.
This reinforces the dollar’s position at the center of on-chain settlement and payments, while laying the groundwork for stablecoins to become part of the financial infrastructure itself.
Regulators are shifting from a posture of restriction to one of structured enablement. The pilot establishes clear expectations for tokenized finance—covering custody, segregation of assets, valuation standards, haircut methodologies, and risk controls. These foundations will underpin future tokenized versions of:
Treasuries
Funds
Money-market instruments
Other traditional collateral assets
✏️ Short-Term vs. Long-Term Impact
In the near term, the pilot’s influence on retail traders is limited. Its stringent requirements—weekly position reporting, conservative haircuts, and strict segregation rules—are designed to ensure systemic safety above all else.
But the long-term implications are profound:
It signals institutional-grade legitimacy for digital assets
It opens regulated channels for large-scale capital to enter crypto markets
It activates stablecoins’ full potential as settlement infrastructure
It enhances derivatives liquidity and overall market efficiency
It redefines digital assets as integratable financial primitives, not isolated speculative bets
Most importantly, this program reflects a structural shift in U.S. regulatory thinking: digital assets are no longer treated as outsiders to the financial system—they are being positioned as components within it.
🚩 From “Crypto as an Asset” to “Crypto in the Financial System”
If spot crypto ETFs marked the moment when “crypto became an asset class,” then the CFTC’s collateral pilot marks the moment when “crypto entered the U.S. financial system.”
What follows is a new cycle defined not by hype, but by integration:
More assets will be tokenized
Institutions will increasingly use on-chain collateral
The dollar will circulate on-chain through regulated stablecoins
Market structure will evolve toward 24/7, digitally native, globally accessible finance
This pilot is not a temporary policy experiment—it is an early signal of a much deeper convergence between crypto and traditional finance, one that will reshape how capital moves, settles, and is managed in the next era of global markets.
>>> More to read: Bitcoin Rises on Fed Cut Expectations: Will the Crypto Rally Hold?
ꚰ CoinRank x Bitget – Sign up & Trade!
Looking for the latest scoop and cool insights from CoinRank? Hit up our Twitter and stay in the loop with all our fresh stories!
〈U.S. Opens Derivatives Market to BTC, ETH and USDC〉這篇文章最早發佈於《CoinRank》。
