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The Commodity Futures Trading Commission (CFTC) has revised its guidance to formally recognise national trust banks as eligible issuers of payment stablecoins, marking a notable shift in the regulatory treatment of tokenised collateral.
In a statement released today, the CFTC’s Market Participants Division (MPD) announced the reissuance of CFTC Staff Letter 25-40, with a targeted amendment to the definition of “payment stablecoin.” The updated definition explicitly allows national trust banks to qualify as permitted issuers under the division’s no-action position.
The original staff letter, issued on 8 December 2025, set out a no-action stance on certain regulatory requirements for futures commission merchants that accept non-securities digital assets—including payment stablecoins—as customer margin collateral, and that hold proprietary payment stablecoins in segregated customer accounts.
Following its publication, MPD staff identified that some payment stablecoins meeting the letter’s criteria are issued by national trust banks. The division said it did not intend to exclude these institutions and therefore reissued the letter to broaden the scope of eligible issuers.
Commenting on the update, CFTC Chairman Michael S. Selig highlighted the historical role of national trust banks in the US stablecoin ecosystem. He noted that during President Trump’s first term, the Office of the Comptroller of the Currency chartered the first national trust banks with authority to custody and issue payment stablecoins, a move that laid the groundwork for their continued participation in the market.
“I’m pleased that the CFTC staff is amending its previously issued no-action letter to expand the list of eligible tokenised collateral to include payment stablecoins issued by these institutions,” Selig said. He added that, alongside the enactment of the GENIUS Act and the CFTC’s updated eligible collateral framework, the change reinforces the United States’ position as a global leader in payment stablecoin innovation.
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