- The ReFi Brief
- Posts
- Tokenized Treasuries Validated as Derivatives Collateral
Tokenized Treasuries Validated as Derivatives Collateral
PLUS: Former Standard Chartered & UniCredit execs launch institutional settlement protocol; JPM seeds $100M fund on Ethereum; E-Estate raises $18M via retail model


Together with
Hello reader. Here are the real estate tokenization developments worth your attention this week:
The Big Read: Tokenized Treasuries Validated as Derivatives Collateral
Former Standard Chartered and UniCredit executives launch protocol for tokenized assets
J.P. Morgan Asset Management launches MONY Tokenized Fund
E-Estate Group reports $18.4M in scaling with residential villa implementation
The CFTC validated tokenized assets as margin collateral while J.P. Morgan deployed $100 million on public Ethereum. The regulatory legitimacy question is being settled for institutional operations as tokenisation scales into 2026.
This is also the final brief for the year. Thank you for being a part of this growing community. Tokenization will certainly not be a silent theme going into 2026. So stay connected and let us meet again in the new year.
Till then, enjoy the holidays!
THE BIG READ
What CFTC Margin Approval Means For Hedging Costs
On December 8, 2025, the Commodity Futures Trading Commission issued three staff letters that fundamentally changed how tokenized assets function as collateral in regulated derivatives markets.

Image Source: CFTC.gov
For real estate developers and owners who use interest rate swaps to hedge construction debt or lock in refinancing rates, this development removes a structural barrier.
You can now potentially pledge tokenized U.S.Treasuries or money market fund shares as margin without converting to cash.
Staff Letters 25-39, 25-40, and 25-41 confirm that CFTC regulations are “technology-neutral,” permitting Futures Commission Merchants and Derivatives Clearing Organizations to accept tokenized non-cash collateral if it meets existing risk management standards.
The capital efficiency improvement is measurable: eliminate settlement delays, maintain yield on posted collateral, and access margin outside banking hours.
Let’s break down what actually changed.
