CFTC Expands Crypto Collateral Rules To Include National Trust Bank Stablecoin

TLDR

• CFTC now allows stablecoins from national trust banks as collateral for futures trading.
• The CFTC’s update removes restrictions on crypto collateral, supporting national trust banks.
• The GENIUS Act-compliant stablecoins can now be used for institutional derivatives settlements.
• CFTC ensures stablecoin parity for federally chartered banks, promoting market inclusivity.

The U.S. Commodity Futures Trading Commission (CFTC) has expanded its crypto collateral framework, making a significant move to include stablecoins issued by national trust banks as acceptable margin for futures contracts.

This change was announced on February 6, 2026, through an update in Staff Letter 25-40, correcting prior limitations that had inadvertently excluded such stablecoins from the margin collateral list.

This new update aligns national trust banks with state-regulated trust companies and other stablecoin issuers like Circle and Paxos, opening the door for wider institutional use. The decision is seen as a strategic step for the CFTC, aiming to cement the United States’ role as a leader in the stablecoin and digital asset markets.

Expansion of Crypto Collateral Framework

Prior to this update, the CFTC’s framework had inadvertently created a two-tiered system that excluded stablecoins issued by national trust banks. The initial guidance issued in December 2025 restricted eligible stablecoins to those from state-regulated entities.

This oversight left national trust banks, such as those chartered by the U.S. government, out of the market for digital asset collateral, which limited their participation in the emerging market of tokenized derivatives collateral.

The correction now ensures that stablecoins from national trust banks can participate equally in the market for crypto-collateralized futures contracts, providing a more level playing field for all issuers. This parity is seen as essential for the evolution of the derivatives markets, which are increasingly incorporating digital assets like Bitcoin and Ethereum for settlement.

Broader Implications for Digital Asset Market Integration

Mike Selig, Chairman of the CFTC, emphasized that this change positions the U.S. as a global leader in the digital asset sector. He pointed to the broader implications of the GENIUS Act-compliant stablecoins now being eligible for institutional derivatives settlements.

By enabling these stablecoins to serve as the payment leg in institutional settlements, the CFTC is working to integrate digital assets into traditional financial systems more seamlessly.

Salman Banei, the general counsel of Plume Network, underscored the operational importance of this update. He stated, “With this, GENIUS Act-compliant stablecoins can now be used as the payment leg for institutional derivatives settlement,” marking a critical advancement in the operational infrastructure of the crypto derivatives market.

Operational Oversight and Reporting Requirements

While the CFTC’s new framework opens the door for national trust bank stablecoins in futures trading, it also comes with strict operational oversight. Participating Futures Commission Merchants (FCMs) are required to submit regular reports on their digital asset holdings, ensuring transparency and security in the crypto-collateral market.

Any operational disruptions or cybersecurity incidents must be immediately disclosed by FCMs involved in the pilot program.

The pilot program, launched by the CFTC in 2025, temporarily allows Bitcoin, Ethereum, and now qualified stablecoins as collateral for derivatives. However, the CFTC has made it clear that the inclusion of national trust bank stablecoins is conditional on FCMs adhering to enhanced reporting protocols, which will be closely monitored during the trial period.

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