CFTC Launches Pilot Allowing BTC, ETH, and USDC as Margin Collateral

9th December 2025 – The U.S. Commodity Futures Trading Commission ( CFTC ) has launched a digital assets pilot program. This move permits Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) to be used as margin collateral in U.S. derivatives markets. The program began on December 8 and is being viewed as a major step toward crypto adoption in traditional finance.

What the Pilot Program Covers

The pilot allows registered Futures Commission Merchants (FCMs) to accept select digital assets as margin. These assets include BTC, ETH, and USDC. The first phase will run for three months. During this time, firms must follow strict reporting requirements. They must also notify the CFTC of any issues. If a firm clears trades across multiple clearing houses, it must use the most conservative margin rates across all of them.

Alongside this, the CFTC issued new guidance. It clarified that tokenized real-world assets—such as U.S. Treasuries and money market funds—can also qualify as collateral, provided the right custody and valuation controls are in place.

Background and Regulatory Shifts

This announcement follows the recent passage of the GENIUS Act. The law creates a federal framework for payment stablecoins. It requires 1:1 reserve backing and limits issuance to licensed entities. As part of the shift, the CFTC also withdrew Staff Advisory 20-34. That advisory had restricted the use of digital assets in segregated accounts since 2020.