The CFTC (U.S. derivatives regulator) has issued staff guidance on how registered derivatives clearing organizations, or DCOs (entities that clear and manage derivatives risk), should handle tokenized collateral, including tokenized U.S. Treasuries used as margin. The advisory addresses valuation, liquidity, custody, legal rights and operational resilience, but does not authorize all clearinghouses to accept any on-chain asset or approve every tokenized real-world asset product. Its focus shows regulators are assessing how tokenized instruments function within core financial infrastructure, where collateral must remain reliable during market stress. The guidance is part of a broader institutional test for tokenization involving legal, operational, custody and liquidity scrutiny.