The U.S. Commodity Futures Trading Commission (CFTC), led by Acting Chair Caroline Pham, has launched the Tokenized Collateral Program, allowing stablecoins and tokenized assets to be used as collateral in derivatives markets. The initiative builds on a pilot with firms like Circle, Coinbase, Crypto.com, Ripple, and Moonpay, with feedback invited until October 20, 2025. This step is part of a broader push to integrate digital assets into mainstream financial infrastructure.