Stablecoins，抵押品和CFTC：衍生物的新时代？

CFTC正在探索稳定剂作为衍生品市场的抵押品，可能彻底改变传统金融。获取这项改变游戏规则的计划！

Stablecoins, Collateral, and the CFTC: A New Era for Derivatives?

Stablecoins，抵押品和CFTC：衍生物的新时代？

The CFTC's initiative to explore stablecoins as collateral in derivatives markets could reshape finance. Public feedback is crucial until October 20th.

CFTC探索稳定的倡议作为衍生品市场的抵押品，可以重塑融资。直到10月20日，公共反馈至关重要。

Tokenized Collateral: The Future is Now

象征性抵押：未来是

The US CFTC, under Acting Chairman Caroline D. Pham, is diving headfirst into the world of tokenized collateral, specifically exploring how stablecoins can be used in derivatives markets. Pham believes that "tokenized markets are here, and they are the future," highlighting collateral management as the "killer app" for stablecoins. This initiative, part of the broader "Crypto Sprint," responds to recommendations from the President’s Working Group report, aiming to provide guidance on using tokenized non-cash collateral as regulatory margin.

在代理董事长卡罗琳·D·帕姆（Caroline D. Pham）的领导下，美国CFTC首先潜入象征性抵押品的世界，特别是探讨了如何在衍生品市场中使用稳定的。帕姆（Pham）认为，“令牌化市场在这里，它们是未来”，强调了抵押品管理作为Stablecoins的“杀手级应用程序”。这项倡议是更广泛的“加密冲刺”的一部分，回应了总统工作组报告的建议，旨在提供有关使用令牌化的非现金抵押品作为监管利润的指导。

Why Stablecoins as Collateral?

为什么要作为抵押品？

Currently, derivatives trading requires collateral, often in the form of cash or government bonds. However, moving this collateral through traditional banking systems can be slow and costly. Stablecoins, operating on blockchain networks, offer the potential for instant, 24/7 transactions, freeing up significant capital. The CFTC's move could position the U.S. as a leader in integrating digital currencies into traditional finance.

目前，衍生品交易通常需要抵押品，通常是现金或政府债券的形式。但是，通过传统的银行系统将这种抵押品移动可能会缓慢而昂贵。在区块链网络上运行的Stablecoins为即时提供24/7交易的潜力，可以释放大量资本。 CFTC的举动可以将美国作为将数字货币整合到传统金融中的领导者。

Industry Support and the GENIUS Act

行业支持与天才法

Major crypto players are on board. Circle, the force behind USDC, anticipates lower costs and increased liquidity. Coinbase sees tokenized collateral as a monumental shift in financial markets. Even Tether's CEO supports the initiative, recognizing its potential to strengthen America's financial leadership. This builds upon the GENIUS Act, signed in July 2025, which established federal rules for stablecoins, requiring them to be backed by real assets.

主要的加密玩家正在加入。 Circle是USDC背后的力量，预计成本较低和流动性增加。 Coinbase将令牌的抵押品视为金融市场的巨大变化。即使是Tether的首席执行官也支持该倡议，并承认其增强美国财务领导力的潜力。这是建立在2025年7月签署的《天才法案》的基础上，该法案制定了联邦对Stablecoins的规则，要求它们得到真实资产的支持。

Cardano's Play: Boosting Stablecoin Liquidity

Cardano的戏剧：提高Stablecoin流动性

While the CFTC explores regulatory frameworks, the Cardano Foundation is actively bolstering the stablecoin ecosystem. They're committing an eight-figure sum in ADA to liquidity programs, addressing a key hurdle for DeFi adoption. This investment aims to deepen liquidity pools and mature stablecoin markets within the Cardano ecosystem.

尽管CFTC探索了监管框架，但Cardano基金会正在积极加强Stablecoin生态系统。他们在ADA中为流动性计划提供八位数的款项，以解决采用Defi的关键障碍。这项投资旨在加深Cardano生态系统中的流动性池和成熟的Stablecoin市场。

The Road Ahead: Timeline and Considerations

前进的道路：时间表和考虑

The CFTC's initiative is a multi-year journey. After collecting public comments through October 20th, regulators will analyze feedback on valuation, custody, and security. A pilot program could launch in early 2026, with a full framework potentially in place by late 2026. This gradual approach allows for careful system adjustments and the implementation of necessary safeguards.

CFTC的倡议是多年的旅程。在10月20日之前收集公众评论后，监管机构将分析有关估值，监护和安全的反馈。试点计划可以在2026年初启动，并可能在2026年底之前建立一个完整的框架。这种逐步的方法允许仔细的系统调整和实施必要的保障措施。

A Digital Dollar Future?

数字美元未来？

The CFTC's stablecoin initiative signals a significant shift towards integrating blockchain tech into American finance. Though it's early days, it could revolutionize collateral management and cut costs in the derivatives market. Success hinges on tackling custody, valuation, and system integration. With industry backing and the GENIUS Act providing a clear regulatory path, America could lead the way in financial innovation.

CFTC的Stablecoin倡议表明，向将区块链技术融入美国金融方面有重大转变。尽管是早期，但它可能会彻底改变抵押品管理并削减衍生品市场的成本。成功取决于解决监护，估值和系统集成。随着行业支持和《天才法》提供了明确的监管道路，美国可以领导金融创新。

So, are stablecoins about to become the rockstars of the derivatives world? Only time will tell, but one thing's for sure: the financial landscape is about to get a whole lot more interesting. Buckle up, buttercup!

那么，Stablecoins是否即将成为衍生物世界的摇滚明星？只有时间会说明，但是可以肯定的是：金融格局即将变得更加有趣。系好，毛cup！