According to @HenriArslanian, Tether is targeting a $500 billion valuation, Morgan Stanley will allow clients to trade crypto, and the CFTC will accept stablecoins as collateral, as outlined in his Sept 28, 2025 post and newsletter. source: https://x.com/HenriArslanian/status/1972314643042390116, https://bit.ly/4ntVxEq For USDT positioning, traders should track changes in USDT circulating supply, reserves, and issuance to validate whether growth aligns with a higher corporate valuation, and adjust BTC and ETH risk accordingly if stablecoin float expands. source: https://transparency.tether.to/ For brokerage flow impact, if Morgan Stanley activates crypto access, monitor official confirmation and watch BTC and ETH spot and futures volumes during US cash hours on regulated venues to gauge liquidity and spread shifts. source: https://www.morganstanley.com/press-releases, https://www.cmegroup.com/markets/cryptocurrencies.html For derivatives margin dynamics, if the CFTC permits stablecoins as collateral, monitor rulemaking and acceptable collateral schedules at major DCOs and clearinghouses to assess funding mix changes and basis implications for BTC and ETH strategies. source: https://www.cftc.gov/PressRoom/PressReleases, https://www.cmegroup.com/clearing/financial-and-collateral-management/acceptable-collateral.html, https://www.theice.com/clearing Until official notices are published, treat these items as pending and size positions based on confirmation risk while keeping a watchlist tied to the above primary sources. source: https://x.com/HenriArslanian/status/1972314643042390116, https://www.morganstanley.com/press-releases, https://www.cftc.gov/PressRoom/PressReleases, https://transparency.tether.to/

According to @AltcoinGordon, the CFTC chair plans to allow stablecoins as collateral in the U.S. derivatives market, a shift that could expand margin options and reduce funding frictions for crypto-linked futures and options, with potential tightening of futures basis and higher open interest in BTC and ETH contracts if implemented. Source: @AltcoinGordon. According to @AltcoinGordon, the post also cites Deutsche Bank as saying Bitcoin could appear on central bank reserve balance sheets within five years, implying a structural demand tailwind that could compress risk premia and support longer-duration positioning in BTC if realized. Source: @AltcoinGordon. According to @AltcoinGordon, traders should monitor CFTC rulemaking updates, DCO collateral eligibility lists, and stablecoin market spreads, and watch CME crypto futures basis, funding rates, and OI for early confirmation signals. Source: @AltcoinGordon.