The U.S. Commodity Futures Trading Commission (CFTC) is developing a tokenized collateral policy aimed at the derivatives market, with a release anticipated early next year. This policy could permit the use of stablecoins as acceptable tokenized collateral, potentially enhancing liquidity and efficiency in derivatives trading. The initiative may involve pilot testing at U.S. clearinghouses and will likely impose stricter regulatory requirements. These include enhanced disclosure of trading positions, large traders, trading volumes, and operational events, aiming to bolster transparency and oversight in the derivatives market.