Tokenisation · Collateral
Which tokenised funds and treasuries are accepted as margin or collateral, at which venue, on what haircut and under which rule. The question treasurers and risk teams ask first.
6
venue listings
Pilot2
venue listings
Under review3
venue listings
Not accepted1
venue listings
Crypto.com and Deribit
Exchange margin · haircut ≈5% · since 2025
Basis: Venue announcements (reported)
Binance (off-exchange, triparty)
Exchange margin · haircut ≈5% · since 2025
Basis: Venue announcement (reported)
Binance (off-exchange, triparty)
Exchange margin · haircut ≈4% · since 2025
Basis: Venue announcement (reported)
Aave Horizon (permissioned market)
DeFi lending · haircut Loan-to-value 75–85% · since Aug 2025
Basis: Protocol governance
Flux Finance
DeFi lending · haircut Loan-to-value ≈92% · since 2023
Basis: Protocol parameters
Major exchanges (cross-margin)
Exchange margin · haircut 10–20% · since 2021
Basis: Venue collateral tables
CFTC tokenised collateral pilot (US derivatives)
Derivatives margin · haircut Set by clearing house · since Dec 2025
Basis: CFTC staff guidance and pilot
DTCC collateral pilot
Clearing and settlement · haircut Pilot terms · since 2026
Basis: DTCC statements
Binance (off-exchange)
Exchange margin · haircut — · since 2025
Basis: Partnership announced; terms not published
Bank of England Sterling Monetary Framework
Central bank collateral · haircut — · since 2026
Basis: Bank of England has said it may consider it
EU crypto venues under MiCA
Exchange margin · haircut — · since 2026
Basis: Discussions reported
UK central counterparties
Derivatives margin · haircut — · since —
Basis: Not on published eligible lists
Demonstration data, approximate and unverified, as at 9 November 2026. Information only, not advice. Haircuts change often and differ by client; the venue's own collateral schedule always takes precedence.
Information only, compiled from public sources with AI assistance. Not investment, legal, tax or regulatory advice, and not a recommendation to buy or sell anything. Scenarios describe what could happen and what has happened before; they are not forecasts. Prices are delayed or end-of-day. Always check the original source.
