On September 23, 2025, the U.S. Commodity Futures Trading Commission (CFTC) issued a press release announcing the launch of a 'tokenized collateral including stablecoins' initiative. In the announcement, the CFTC stated that it would work closely with stakeholders and seek public feedback (deadline: October 20, 2025), with potential follow-up actions including amendments to regulatory rules and the launch of regulatory sandbox pilot projects. In plain terms, this means the CFTC is preparing to allow stablecoins and certain cryptocurrencies to be used as collateral (margin) in the U.S. regulated derivatives market (futures, swaps, etc.), similar to the concept of margin. PS: This is not the same as bank collateralized lending. This article is sponsored by Bitget ｜ @Bitget_zh