U.S. regulators are conducting a tokenization pilot, using stablecoins as collateral

ChainCatcher news, according to CoinDesk, Caroline Pham, the acting head of the U.S. Commodity Futures Trading Commission (CFTC), is pushing for a tokenization pilot program backed by stablecoins. The program will invite executives from digital asset companies such as Coinbase, Ripple, and Circle to participate, but specific dates and details have yet to be determined. Last November, Pham proposed the idea of a tokenization regulatory sandbox through the Global Markets Advisory Committee, but it was not adopted by the previous leadership.

Pham stated that this move will promote "responsible innovation," utilizing distributed ledger technology (DLT) to use non-cash collateral, enhancing the U.S.'s global leadership in the digital asset space. Her proposal also mentioned that by improving the infrastructure for regulatory margin-eligible assets, DLT helps address challenges without changing collateral eligibility rules, allowing market participants to identify and manage risks associated with the use of DLT under existing policies.