Circle Responds to Argentina’s Public Consultation on Tokenization Framework

On April 25, 2025, Circle submitted its formal contribution to Argentina's National Securities Commission (“Comisión Nacional de Valores” or “CNV”) in response to the public consultation introduced by General Resolution 1060/2025, a regulatory proposal aiming at defining the framework for the digital representation – tokenization – of securities through distributed ledger technology (DLT).

Driving Innovation Through Regulatory Clarity

Circle applauds the CNV’s proactive efforts to establish a modern legal framework that embraces blockchain innovation while preserving legal continuity and financial stability. Argentina’s proposal acknowledges that tokenization is a new form of representing an asset—not a new asset class—thereby safeguarding legal certainty and allowing new digital infrastructure to evolve within the boundaries of existing capital market rules. This foundation enables transparent and compliant stablecoins, like USDC, to potentially serve as efficient and transparent instruments for settlement in tokenized financial markets.

Key Recommendations 

In its response, Circle:

• Supported the recognition of DLT as a valid infrastructure for issuance, custody, and settlement;
• Recommended the explicit inclusion of compliant and regulated stablecoins as eligible settlement assets on PSAV (Virtual Asset Service Providers) platforms;
• Emphasized the importance of interoperability with global financial infrastructure to attract cross-border capital;
• Advocated for flexible registration frameworks for PSAVs to allow specialized providers to interoperate while preserving regulatory accountability;
• Called for investor safeguards, including mechanisms for real-time identity-linked governance, and auditable instruction transmission;
• Expressed formal interest in participating in CNV’s regulatory sandbox, proposing a pilot tokenized debt issuance settled entirely in USDC.

A Strategic Moment for Argentina

Argentina is taking an important step toward becoming a regional leader in digital finance. By fostering open collaboration between regulators and industry, the country is paving the way for a tokenized capital market ecosystem that is more inclusive, programmable, and globally connected. Circle is proud to support this process and remains committed to engaging constructively with Argentine authorities as they build a future-ready regulatory environment.