The Commodity Futures Trading Commission revised its guidance on payment stablecoins eligible as collateral in derivatives markets. The agency expanded the definition to include stablecoins issued by federally chartered national trust banks.
The technical update comes two months after the CFTC launched a pilot program allowing bitcoin, ether, and payment stablecoins as margin collateral.
The Market Participants Division reissued Staff Letter 25-40 on Friday to clarify that national trust banks qualify as permitted issuers.
The original letter, issued December 8, 2025, had defined payment stablecoins as those issued by state-regulated money transmitters or trust companies.
Staff realized the narrower definition inadvertently excluded national trust banks that may issue qualifying stablecoins.
What Changed
The revised definition now explicitly permits stablecoins issued by national trust banks alongside existing categories. Under the GENIUS Act framework enacted in July 2025, both national trust banks and state-regulated trust companies can serve as permitted payment stablecoin issuers.
The Office of the Comptroller of the Currency approved five national trust bank charters for cryptocurrency-focused firms in December 2025.
Those institutions plan to offer digital asset custody and stablecoin issuance services under federal supervision.
The no-action letter allows futures commission merchants to accept payment stablecoins as customer margin collateral during a three-month pilot phase. FCMs must apply haircuts determined by derivatives clearing organizations and provide weekly reports on digital asset holdings.
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Why It Matters
The clarification removes a potential obstacle for stablecoins issued by federally chartered banks seeking recognition under CFTC rules. National trust banks benefit from federal preemption of state money transmitter laws while operating under OCC oversight.
"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," Chairman Michael S. Selig said Friday. "These national trust banks continue to play an important role in the payment stablecoin ecosystem."
The update aligns CFTC guidance with the GENIUS Act's framework for stablecoin regulation.
That legislation established requirements for reserve assets, attestations, and federal supervision of stablecoin issuers. The act's provisions take effect by January 2027 at the latest.
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