CFTC Advisory on Tokenized Collateral for DCOs
CFTC Division of Clearing and Risk staff advisory sets risk expectations for registered derivatives clearing organizations using tokenized U.S. Treasuries as margin.
The CFTC Division of Clearing and Risk issued a staff advisory that sets risk-management expectations for registered derivatives clearing organizations handling tokenized collateral, including tokenized U.S. Treasuries used as margin.
The document addresses controls for valuation, liquidity under stress, custody arrangements, legal rights, and operational resilience.
The advisory applies only to registered DCOs and does not constitute a broad approval of tokenized assets across markets. No implementation timelines or quantitative thresholds are disclosed.