The U.S. Commodity Futures Trading Commission (CFTC) is considering a plan that would allow tokenized assets, including stablecoins, to serve as collateral in derivatives markets.
If approved, stablecoins like $USDC and $USDT would be treated as traditional collateral, like cash or US Treasurys in regulated derivatives markets.
This is excellent news for Best Wallet and its $BEST token. As stablecoins become increasingly credible and valuable to hold, this wallet’s secure, user-friendly design makes it the perfect place to store and transact them – alongside other digital assets.
The CFTC to ‘Usher in America’s Golden Age of Crypto’
Yesterday, acting CFTC chair Caroline Pham announced that the initiative builds on the CFTC’s successful Crypto CEO Forum held in February.
Moreover, it forms part of its broader ‘crypto sprint‘ to implement recommendations from the President’s Working Group on Digital Assets.
‘Since January, the CFTC has taken clear action to usher in America’s Golden Age of Crypto,’ said Acting Chairman Pham.
‘At our historic Crypto CEO Forum, we discussed how innovation and blockchain technology will drive progress in derivatives markets, especially for modernization of collateral management and greater capital efficiency. These market improvements will unleash US economic growth because market participants can put their dollars to work smarter and go further.’
Strengthening this push, the new initiative also aligns with the GENIUS Act, a new framework for licensed payment stablecoins to be used across TradFi markets.
The agency is also encouraging stakeholders to give feedback on tokenized collateral in derivatives markets until October 20.
By offering a secure, non-custodial wallet, Best Wallet makes it easy for you to benefit from the growing legitimacy of stablecoins, and thus crypto in general.
Securely Manage Major Stablecoins & Cryptos on Best Wallet
Best Wallet enhances how you interact with digital assets, whether stablecoins like $USDT and $USDC, top cryptos like $BTC or $ETH, or even the best meme coins, $DOGE and $SHIB.
The mobile wallet (available on Google Play and iOS) supports over 1K assets, soon across 60 networks, making it a go-to hub for managing your cryptos in one place.
As a non-custodial wallet, it’s a highly secure option; it gives you full control over your private keys, plus includes additional safeguarding measures such as 2FA, biometrics, and in-app suspicious token filters.
Meanwhile, its cutting-edge features add even more value to the overall Best Wallet experience. Its built in launchpad, for instance, allows you to explore top crypto presales directly inside the app. By removing the need to connect to third-party sites, it reduces exposure to risks.
Another highlight is its seamless cross-chain swaps. It connects with 330+ DEXs and 30 bridges so you can seamlessly swap top cryptos for the best rates on the market.
And that’s not all. Best Wallet has many future developments in the pipeline, including a crypto debit card (Best Card), NFT gallery, limit orders, and market intelligence analytics (to mention a few!).
It sets aside a quarter of its total token supply to product development.
In fact, $BEST plays a major role in the entire ecosystem. It unlocks key benefits for holders, including reduced fees, high-yield staking rewards (currently at 82% APY), governance rights, and early access to presales.
To help propel Best Wallet to even rosier pursuits and reap the perks, you can buy $BEST on presale for just $0.025685. And you certainly wouldn’t be the only one – it has already raised over $16M, after all.
This is not financial advice. Crypto is a competitive, high-risk market so always DYOR and invest wisely.
Authored by Leah Waters, Bitcoinist — https://bitcoinist.com/cftc-add-stablecoins-as-collateral-benefits-best
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