CFTC launches pilot allowing BTC, ETH and payment stablecoins as margin collateral in U.S. futures and swaps

On Monday, the CFTC introduced a pilot program that lets qualified futures commission merchants use Bitcoin, Ether and payment stablecoins such as USDC as margin collateral in regulated U.S. futures and swaps markets. Acting Chairman Caroline Pham framed it as a controlled test of tokenized collateral, with enhanced reporting, a no-action letter permitting segregated custody of certain digital assets, and withdrawal of 2020 guidance that discouraged crypto collateral. If successful, the trial could extend the role of stablecoins and tokenized Treasuries across clearing, margining and settlement infrastructure on Wall Street.