The US CFTC launched a digital asset pilot program, allowing BTC, ETH, and USDC to be used as collateral.

ChainCatcher reports that, according to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) launched a pilot program on Monday allowing certain digital assets, such as Bitcoin, Ethereum, and USDC, to be used as collateral in the U.S. derivatives market.

Acting Chair Caroline Pham stated that this initiative is part of a broader effort to establish rules for the use of tokenized collateral, including tokenized versions of real-world assets such as US Treasury bonds. Currently, only futures commission merchants (FCMs) that meet specific criteria can participate. These companies can use Bitcoin, Ethereum, USDC, and other payment stablecoins as margin for futures and swap transactions, but must comply with stringent reporting and custody requirements.

For the first three months, companies must disclose their digital asset holdings weekly and report any issues to the CFTC. In practice, registered companies can use Bitcoin as collateral for commodity leveraged swaps, and the CFTC will monitor the risk and custody. The agency has also issued no-objection letters, allowing futures brokers to deposit a portion of their digital assets into segregated client accounts, provided that risk is strictly controlled.

The CFTC has revoked its 2020 guidance that blocked cryptocurrencies from being used as collateral, as the GENIUS Act has updated federal rules, rendering the guidance obsolete. The CFTC emphasized that its rules remain technology-neutral, but tokenized versions of real-world assets (such as Treasury bonds) must meet enforceability, custody, and valuation standards.