CFTC Launches Pilot Allowing Bitcoin, Ether, and USDC as Collateral in Derivatives Markets

Highlights:

• CFTC launches a pilot allowing certain digital assets as market collateral.
• New guidance supports tokenized real-world assets and provides clear rules for custody.
• Pilot results will guide future U.S. rules for digital asset market use.

The U.S. Commodity Futures Trading Commission (CFTC) introduced a pilot on December 8. It allows Bitcoin, Ether, and USDC to be used as margin collateral in regulated American derivatives markets. The pilot will run for three months and applies only to non-securities digital assets. Acting Chairman Caroline D. Pham announced the program and described it as a way to connect digital assets with current market systems.

Futures Commission Merchants can now accept these assets as customer margin, but they must follow strict reporting and risk-monitoring rules. Weekly updates on customer balances must be sent to regulators. Firms also need to inform officials whenever any operational issue affects crypto collateral activity. Reporting and custody checks remain the main focus of the pilot.

I’m launching a digital assets pilot program for BTC, ETH and USDC that will protect Americans under U.S. rules when you use @CFTC brokers to keep your crypto safe. Our new guidance will enable tokenized markets, and we’re cutting red tape that is outdated. Onwards!…

— Caroline D. Pham (@CarolineDPham) December 8, 2025

New Guidance for Tokenized Financial Products

The Market Participants Division also released guidance on tokenized real-world assets for futures and swaps markets. The guidance covers tokenized U.S. Treasury securities and money market funds. It includes directions on custody, segregation, and legal protection for these tokenized products.

Pham said the new guardrails can support wider use of digital assets as collateral while giving regulators a clearer view of how firms manage customer funds. The division also introduced a limited no-action position for payment stablecoins. Under that position, approved stablecoins may stay in segregated accounts if firms follow strict compliance rules.

Industry support appeared quickly. Circle CEO Heath Tarbert said the pilot can reduce settlement risks and improve speed. Coinbase and other firms supported the move and said it gives needed clarity on how crypto assets can be used in collateral settings.

.@circle: “Deploying prudentially supervised payment stablecoins across CFTC-regulated markets protects customers, reduces settlement frictions, supports 24/7 risk reduction, and advances U.S. dollar leadership through global regulatory interoperability.”

— Caroline D. Pham (@CarolineDPham) December 8, 2025

How the CFTC’s Pilot May Influence U.S. Markets

Collateral helps keep markets safe from losses. U.S. traders usually use cash or low-interest assets for this purpose. Allowing tokenized assets like Bitcoin, Ether, and USDC as margin collateral can improve derivatives market liquidity. It may also attract institutional investors who previously avoided U.S.-regulated platforms due to strict rules.

Progress is expected to be steady. Firms need secure custody systems and real-time pricing tools to manage digital asset movements. Compliance teams must monitor 24-hour price changes, and firms using multiple clearing platforms must apply the most conservative risk haircut across each platform

Currently, only Bitcoin, Ether, and USDC are allowed under the pilot. The CFTC will monitor custody practices, trading activity, and risk exposure before deciding on any expansion. If the pilot succeeds, the CFTC could use its results to integrate digital assets into mainstream clearing systems in the coming years.

Retail trading will not be affected by this program. Large institutions, however, may change how they manage settlement and collateral. The pilot’s results will help guide future CFTC decisions on digital asset use in regulated markets. The pilot comes just days after the CFTC approved spot crypto trading on registered exchanges for the first time. The pilot comes just days after the CFTC approved spot crypto trading on registered exchanges for the first time.

BREAKING: 🇺🇸 CFTC announces spot Bitcoin and crypto can now trade on CFTC-registered exchanges 👀

CFTC said this is to help “make America the crypto capital of the world.” pic.twitter.com/dfzuNPtrTa

— Bitcoin Magazine (@BitcoinMagazine) December 4, 2025