U.S. CFTC Launches Stablecoin-Backed Tokenization Pilot Program
Caroline Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), is initiating a stablecoin-backed tokenization pilot program. An upcoming summit will feature leaders from major digital asset firms such as Coinbase, Ripple, Circle, and Crypto.com.
Key points include:
- Pham proposed the regulatory sandbox for tokenization in November through her Global Markets Advisory Committee.
- The initiative emphasizes responsible innovation using non-cash collateral via distributed ledger technology.
- Market participants will be encouraged to test non-traditional collateral.
- MoonPay CEO Ivan Soto-Wright supports Pham's efforts and views her as a progressive leader.
- No date has been set for the summit.
- Pham has enacted significant changes within the CFTC since assuming her role.
The CFTC aims to enhance infrastructure for assets eligible as regulatory margin without altering collateral eligibility rules. Further details on the forum are pending.