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ARTICLE · 03 OCTOBER 2025

CFTC Launches Tokenized Collateral And Stablecoins Initiative

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On September 23, 2025, the CFTC launched a Tokenized Collateral and Stablecoins Initiative that invites interested stakeholders to submit feedback and suggestions on the use of tokenized...

United StatesFinance and Banking
Alan Cohn
Alan Cohn
Ryan Hayden
Ryan Hayden
Marlon Paz
Marlon Paz
Alexandra C. Scheibe
Alexandra C. Scheibe

On September 23, 2025, the CFTC launched a Tokenized Collateral and Stablecoins Initiative that invites interested stakeholders to submit feedback and suggestions on the use of tokenized collateral including stablecoins in derivatives markets.1 The agency highlighted the CFTC's Global Markets Advisory Committee (GMAC) recommendations on tokenized non-cash collateral2 and linked the effort to the President's Working Group report discussion of collateral management.3 Subject areas include the CFTC's GMAC recommendation; CFTC observer status on industry efforts; potential digital asset markets pilot programs; amendments to CFTC regulations in connection with the President's Working Group report recommendations regarding collateral management (pages 52-53), and other related issues. The comment window closes on October 20, 2025.

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