The U.S. CFTC has launched a pilot program for digital asset collateral, allowing Bitcoin, Ethereum, and USDC to be used as margin in the derivatives market.

Odaily Planet Daily reports that Caroline D. Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), announced the launch of a digital asset collateral pilot program, allowing digital assets such as BTC, ETH, and USDC to be used as compliant margin in regulated derivatives markets in the United States. The program also released regulatory guidance on tokenized collateral and repealed outdated rules that had become invalid due to the GENIUS Act.

The CFTC stated that this move is a significant milestone in advancing the use of tokenized assets in regulated markets, providing a clear regulatory framework for the futures and swaps markets, including: the availability of tokenized assets, legal enforceability, custody and segregation requirements, valuation and risk management, and operational risks. For the initial three months, FCMs (Futures Commission Merchants) will be limited to accepting BTC, ETH, and USDC as collateral and will be required to report their positions to the CFTC on a weekly basis, account by account.

At the same time, the CFTC granted "no-action" protection to FCMs that accept digital assets as collateral, providing regulatory clarity to these institutions and requiring them to maintain robust risk controls. The CFTC also revoked Staff Circular 20-34, citing the GENIUS Act and recent rapid developments that rendered its contents inapplicable.

Several industry companies welcomed the move. Coinbase's Chief Legal Officer stated that the CFTC's decision proves stablecoins and digital assets can improve payment efficiency. Circle's president said this move will reduce settlement friction and strengthen the dollar's dominance. Crypto.com's CEO called it "a significant moment in US crypto history." Ripple executives pointed out that explicitly including stablecoins in eligible margins will lead to higher capital efficiency.

The CFTC stated that the action was based on feedback from market participants, public comments, Crypto CEO Roundtable feedback, and recommendations from its Global Markets Advisory Committee.