[US CFTC Launches Digital Asset Pilot Program, Allowing BTC, ETH, and USDC as Collateral] According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) launched a pilot program on Monday, allowing certain digital assets such as Bitcoin, Ethereum, and USDC to be used as collateral in the U.S. derivatives market. Acting Chair Caroline Pham stated that this program is part of an initiative to establish rules for the use of tokenized collateral (including tokenized versions of real-world assets such as U.S. Treasury bonds). Currently, only futures commission merchants (FCMs) that meet specific standards can participate. These companies can use Bitcoin, Ethereum, USDC, and other payment-based stablecoins as margin for futures and swap transactions, but they must comply with strict reporting and custody requirements. For the first three months, participants are required to disclose digital asset holdings weekly and report any issues to the CFTC. In practice, registered companies can use Bitcoin as collateral for leveraged commodity swaps, and the CFTC will monitor risks and custody practices. The agency also issued a no-action letter, allowing futures commission merchants to deposit certain digital assets into segregated customer accounts under strict risk controls. The CFTC has rescinded outdated 2020 guidelines that hindered the use of cryptocurrencies as collateral, as the federal rules under the 'GENIUS Act' have been updated, rendering the old guidelines obsolete. The CFTC emphasized that its rules remain technology-neutral, but tokenized versions of real-world assets (such as Treasury bonds) must meet enforceability, custody, and valuation standards.