According to @EleanorTerrett, CFTC Acting Chair Caroline D. Pham announced a pilot program allowing BTC, ETH, and USDC to be used as collateral in U.S. derivatives markets. Source: @EleanorTerrett on X https://twitter.com/EleanorTerrett/status/1998144000314712235 The announcement also includes new guidance on tokenized assets, including Treasuries and money market funds. Source: @EleanorTerrett on X https://twitter.com/EleanorTerrett/status/1998144000314712235 The post does not provide timing, eligible venues, or collateral haircuts, which are critical for margin usage and risk management. Source: @EleanorTerrett on X https://twitter.com/EleanorTerrett/status/1998144000314712235 Traders should watch for the official CFTC materials for implementation specifics that will determine collateral eligibility and operational mechanics. Source: @EleanorTerrett on X https://twitter.com/EleanorTerrett/status/1998144000314712235

According to @paoloardoino, USDT is the best collateral for derivatives and margin trading because it is liquid and tested by fire, emphasizing stablecoin liquidity for margin risk management. Source: @paoloardoino on X, Oct 12, 2025. He warns that using low-liquidity tokens as collateral can create stress when markets move, highlighting liquidation and slippage risks during volatility. Source: @paoloardoino on X, Oct 12, 2025.

According to @onchainpanini, approximately $25B worth of tokenized real‑world assets are live as institutions shift from blockchain pilots to production-grade rails, highlighting accelerating institutional adoption of on‑chain finance for trading and collateral operations. Source: @onchainpanini on X, Aug 18, 2025. According to @onchainpanini, Goldman Sachs has started using tokenized U.S. Treasuries as derivatives collateral, directly pointing to tokenized Treasuries becoming acceptable collateral within traditional derivatives workflows and expanding the addressable liquidity pool for RWA markets. Source: @onchainpanini on X, Aug 18, 2025.