The U.S. Commodity Futures Trading Commission (CFTC) has revised its regulatory guidance, explicitly allowing stablecoins issued by national trust banks to qualify as approved "payment stablecoins" under its framework. This update was made through a reissued version of CFTC Staff Letter 25-40, which outlines how digital assets can be used as margin collateral in derivatives markets.
The original letter, released in December 2025, permitted futures commission merchants (FCMs) to accept qualifying non-securities digital assets, including payment stablecoins, as customer margin collateral under strict conditions. However, regulators later acknowledged that the initial wording unintentionally excluded stablecoins issued by national trust banks, even when those tokens met all required standards. The revised guidance corrects this oversight by explicitly recognizing national trust banks as permitted stablecoin issuers within the CFTC's no-action framework.
For futures markets, this brings significant clarity. FCMs can now more confidently accept eligible stablecoins issued by national trust banks as customer margin collateral, provided all existing safeguards—such as segregation requirements designed to protect customer funds and limit risk—are met. The update does not loosen compliance standards but removes ambiguity to ensure consistent treatment of qualifying stablecoins across regulated derivatives markets.
CFTC Chairman Michael Selig highlighted the move as part of a broader effort to position the United States as a global leader in stablecoin innovation. In a statement, Selig said, "With the enactment of the GENIUS Act and the CFTC’s new eligible collateral framework, America is the global leader in stablecoin innovation." This regulatory shift signals growing comfort among U.S. regulators with integrating stablecoins into the mainstream financial system, especially when issued by federally chartered and strictly overseen institutions like national trust banks.
The development reinforces the trend that payment-focused stablecoins are transitioning from experimental assets to accepted financial tools within regulated infrastructure. It aligns CFTC guidance with existing banking structures rather than creating a parallel system for digital assets.
