CFTC adds national trust banks to eligible stablecoin issuers

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CFTC recognizes bank-issued stablecoins

Revised no-action letter clarifies eligible collateral

CFTC Staff Letter 25-40 was originally issued on Dec. 8, 2025, and outlined a no-action position on certain requirements for futures commission merchants that accept non-security digital assets, including payment stablecoins, as customer margin collateral. The letter also addressed how proprietary payment stablecoins may be held in segregated customer accounts.

After issuing the guidance, CFTC staff determined that payment stablecoins meeting the original definition could, in practice, be issued by national trust banks. The division said it did not intend to exclude those institutions and reissued the letter to eliminate ambiguity.

“During President Trump’s initial term, the Office of the Comptroller of the Currency made history by chartering the first national trust banks with authority to custody and issue payment stablecoins. These national trust banks continue to play an important role in the payment stablecoin ecosystem,” said Chairman Michael S. Selig. “I’m pleased that the CFTC staff is amending its previously issued no-action letter to expand the list of eligible tokenized collateral to include payment stablecoins issued by these institutions. With the enactment of the GENIUS Act and the CFTC’s new eligible collateral framework, America is the global leader in payment stablecoin innovation.”

Implications for futures markets and regulation

National trust banks operate under federal charters and are subject to rigorous supervision, making their stablecoins attractive for use in regulated markets. By formally recognizing these issuers, the CFTC aligns derivatives guidance with existing banking oversight rather than creating parallel digital-asset standards.

For futures commission merchants, the clarification provides greater certainty around collateral eligibility. Firms may accept qualifying stablecoins issued by national trust banks as margin collateral, provided existing segregation and risk-management safeguards remain in place. The CFTC emphasized that the update does not loosen compliance requirements but ensures consistent treatment of stablecoins across regulated markets.

Why this matters

The revision underscores the integration of stablecoins into regulated financial markets. It reduces uncertainty for derivatives firms while reinforcing the role of federally supervised banks in digital-asset issuance. The move signals continued regulatory normalization of stablecoins in U.S. market infrastructure.

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