CFTC Confirms National Trust Bank Stablecoins as Approved Payment Tokens

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The U.S. Commodity Futures Trading Commission has taken another step toward formalizing stablecoins within the regulated financial system. By revising its guidance, the agency has clarified that stablecoins issued by national trust banks can now qualify as approved payment stablecoins under its existing framework. The move signals growing regulatory comfort with stablecoins as they become more embedded in mainstream financial markets.

What Changed in the CFTC Guidance

The update comes through a reissued version of CFTC Staff Letter 25-40, which outlines how certain digital assets can be used as margin collateral in derivatives markets. When the original letter was released in December 2025, it allowed futures commission merchants to accept qualifying non-securities digital assets, including payment stablecoins, under strict conditions.

However, regulators later acknowledged that the original wording unintentionally left out stablecoins issued by national trust banks, even when those tokens met all the required standards. The revised guidance fixes that gap by explicitly recognizing national trust banks as permitted stablecoin issuers within the no-action framework.

Why National Trust Banks Matter

National trust banks have played a growing role in the stablecoin ecosystem, particularly after earlier regulatory approvals allowed them to custody and issue payment-related digital assets. These institutions operate under federal charters and are subject to strict oversight, which makes their stablecoins attractive for use in regulated markets.

By including these banks in the definition of payment stablecoins, the CFTC is aligning its guidance with existing banking structures rather than creating a parallel system for digital assets. This also reinforces the idea that stablecoins are no longer operating at the fringes of finance but are increasingly part of regulated infrastructure.

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Impact on Futures Markets and Collateral Use

For futures commission merchants, the revised guidance brings much-needed clarity. Firms can now more confidently accept eligible stablecoins issued by national trust banks as customer margin collateral, provided all existing safeguards are met. These safeguards include segregation requirements designed to protect customer funds and limit risk.

Importantly, the update does not loosen compliance standards or change the conditions under which stablecoins can be used. Instead, it removes ambiguity and ensures consistent treatment of qualifying stablecoins across regulated derivatives markets.

A Broader Signal for Stablecoin Adoption

CFTC Chairman Michael Selig framed the move as part of a broader push to position the U.S. as a leader in stablecoin innovation, especially following the passage of the GENIUS Act. Taken together, these developments suggest regulators are shifting from cautious observation to structured integration of stablecoins into the financial system.

For the crypto industry, this marks another sign that payment-focused stablecoins are becoming an accepted tool rather than an experimental one, especially when issued by regulated and federally chartered institutions.

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