CFTC Revises Rules to Let National Trust Bank Issue Stablecoins

• CFTC reissues Staff Letter 25-40, revising to the definition of “payment stablecoin.”.
• Updated guidance clarifies national trust banks can issue qualifying payment stablecoins.
• Futures merchants can accept eligible stablecoins as margin collateral under conditions.

The Commodity Futures Trading Commission (CFTC) has updated its guidance on digital assets accepted as margin collateral, expanding the definition of “payment stablecoin” to include stablecoins issued by national trust banks.

Reacting to the same, CFTC Chairman Selig wrote, “With the enactment of the GENIUS Act and the CFTC’s new eligible collateral framework, America is the global leader in stablecoin innovation.”

Updated Definition of Payment Stablecoins

In a revised version of CFTC Staff Letter 25-40, the agency clarified that national trust banks can be considered permitted issuers of payment stablecoins under its existing no-action framework. The original guidance, issued in December 2025, allowed certain non-securities digital assets, including payment stablecoins, to be accepted by futures commission merchants as customer margin collateral under specific conditions.

Following industry feedback, CFTC staff determined that the earlier wording unintentionally excluded stablecoins issued by national trust banks. The updated letter corrects this by formally recognizing such institutions as eligible issuers, provided the stablecoins meet the established criteria.

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Implications for Digital Asset Collateral Use

The no-action position enables registered futures commission merchants to consider eligible non-securities digital assets when determining margin requirements. With regulatory safeguards designed to protect client funds, certain payment stablecoins can be held in segregated customer accounts.

Regulators said the change reflects the growing role of regulated financial institutions in the stablecoin ecosystem and aligns regulatory guidance with developments in the digital asset market.

Role of National Trust Banks

According to CFTC officials, national trust banks have played an increasing role in issuing and custodying stablecoins since regulatory frameworks were introduced allowing these institutions to operate in the sector. The updated guidance acknowledges their participation and clarifies that stablecoins issued by these banks may qualify as acceptable tokenized collateral within the agency’s framework.

The revised staff letter is intended to provide greater regulatory clarity for market participants using digital assets in derivatives markets, while maintaining the segregation and customer-protection requirements already established under U.S. commodities regulations.

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