The U.S. Commodity Futures Trading Commission is starting an initiative to allow stablecoins as tokenized collateral to satisfy margin needs in the vast derivatives market, inviting input from the industry on how to bring such a policy online. "For years I have said that collateral management is the ‘killer app’ for stablecoins in markets," Pham said in a Tuesday statement. "I’m excited to announce the launch of this initiative to work closely with stakeholders to enable the use of tokenized collateral including stablecoins." Stablecoins, newly regulated under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS) Act, are the dollar-based tokens that are key to the plumbing of crypto markets and smart-contract-driven digital finance. In an agency press release that also rounded up comments from Circle, Coinbase and Ripple executives, the CFTC said it'll take written ideas until October 20.