Crypto asset trading platforms are increasingly adopting blockchain-native assets such as USDC stablecoin and tokenized government bonds like BlackRock's BUIDL to improve collateral efficiency in derivatives markets.
These tools offer stability, returns, and compliance, making them attractive to institutional participants seeking capital optimization.
On June 18th, Coinbase Derivatives revealed that USDC would be accepted as margin collateral for futures after obtaining regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC).
Coinbase CEO Brian Armstrong stated: "This will be the first time USDC is used as collateral in the U.S. futures market, and we will work closely with the CFTC to implement this."
The stablecoin integration will be conducted through Coinbase Custody Trust, a qualified custodian regulated by the New York Department of Financial Services.
On the other hand, tokenized government bonds are gradually gaining attention in the derivatives market.
On the same day, digital asset company Securitize announced that BlackRock's U.S. Dollar Institutional Digital Liquidity Fund (BUIDL) can now be used as collateral on Crypto.com and Deribit platforms.
The token represents a short-term yield fund backed by cash and U.S. Treasury bonds, currently managing assets worth $2.9 billion.
By accepting BUIDL as margin, these platforms allow institutional traders to leverage funds while earning returns.
These latest developments highlight a trend, signaling a significant transformation in market structure towards higher capital efficiency and transparency.
Coinbase noted that assets like USDC enable near-instant settlement and are widely recognized on centralized and decentralized platforms.
Securitize co-founder and CEO Carlos Domingo expressed a similar view, saying: "Tokenized government bonds are being actively used in some of the most advanced trading venues to improve capital efficiency and risk management while still providing returns."
Meanwhile, these initiatives align with the recommendation made by CFTC Acting Chair Caroline D. Pham in November 2024, urging companies to explore using distributed ledger technology for non-cash collateral.
She believes that considering "successful and mature commercial examples of asset tokenization, such as digital government bond issuances in Eurasia, institutional repo and payment transactions over $1.5 trillion on enterprise blockchain platforms, and more efficient collateral and fund management," adopting these new technologies would not compromise market integrity.
