CFTC Updates Payment Stablecoin Criteria To Recognize National Trust Banks – Details

bitcoinistPubblicato 2026-02-08Pubblicato ultima volta 2026-02-08

Introduzione

The US Commodity Futures Trading Commission (CFTC) has updated its guidance to allow payment stablecoins issued by national trust banks to be used as eligible margin collateral. This amendment to CFTC Staff Letter 25-40 expands the list of approved stablecoin issuers beyond state-regulated entities to include federally chartered national trust banks. The move aligns with former President Trump’s pro-crypto policies and aims to strengthen the U.S. position in stablecoin innovation. CFTC Chairman Michael S. Selig praised the decision, highlighting America's growing leadership in the sector. The update follows increased efforts by crypto firms like Anchorage Digital, Coinbase, and Circle to obtain national bank charters and integrate digital assets into the regulated financial system.

The US Commodity Futures Trading Commission (CFTC) has amended a recent staff advisory to recognize payment stablecoins issued by national trust banks as eligible margin collateral. This move forms part of a broader regulatory initiative by the Commission on digital asset integration in line with US President Donald Trump’s pro-crypto agenda.

CFTC Clears FCMs To Accept Bank-Issued Stablecoins As Collateral

In a press release on February 6, the CFTC’s Market Participants Division (MPD) announced an update to the CFTC Staff Letter 25-40, which communicated the “Staff No-Action Position Regarding Digital Assets Accepted As Margin Collateral.”

This memo was initially released on December 8, allowing all CFTC-registered futures commission merchants (FCM) to accept non-securities digital assets, e.g., payment stablecoins, as margin collateral as well as hold specific proprietary stablecoins in separate customer accounts.

However, this earlier version of this memo only acknowledged eligible payment stablecoins as those issued by state-regulated money transmitters or trust companies. However, the CFTC has recognized that a payment stablecoin, as defined in the letter, may also be issued by a national trust bank.

In Trump’s first term, the US historically chartered its first set of national trust banks to engage in custody and issuance of payment stablecoins. The CFTC clarifies there was no intention to initially exclude national trust banks as stablecoin issuers, a position that has now been formally affirmed in the updated version of CFTC Letter 25-40.

CFTC Chairman Michael S. Selig has lauded the reissue, recognizing the growing role of the national trust banks and America as a whole in the stablecoin industry.

Selig said:

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 (national trust banks). With the enactment of the GENIUS Act and the CFTC’s new eligible collateral framework, America is the global leader in payment stablecoin innovation.

National Bank Charter: Digital Asset Banks Push For Recognition

In other reports, the competition among digital asset firms to obtain national bank charters reflects a broader effort to integrate cryptocurrency services into the regulated US financial system. A national trust bank charter allows crypto companies to operate under federal oversight, strengthening credibility and expanding institutional partnerships.

In January 2025, Anchorage Digital represented the first crypto-native firm to receive such approval. Presently, several firms, including Coinbase, Circle, Ripple, and BitGo, have also received conditional approvals from the OCC in a bid to broaden their service offerings.

Total crypto market cap valued at $2.35 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Domande pertinenti

QWhat is the main update made by the CFTC regarding payment stablecoins?

AThe CFTC has amended its staff advisory to recognize payment stablecoins issued by national trust banks as eligible margin collateral.

QWhich division of the CFTC announced the update to the no-action letter?

AThe CFTC's Market Participants Division (MPD) announced the update to CFTC Staff Letter 25-40.

QWhat was the limitation of the original December 8 memo regarding stablecoin issuers?

AThe original memo only acknowledged eligible payment stablecoins as those issued by state-regulated money transmitters or trust companies, excluding national trust banks.

QAccording to CFTC Chairman Michael S. Selig, what does this update make America in the stablecoin industry?

AChairman Selig stated that with this update and the GENIUS Act, America is the global leader in payment stablecoin innovation.

QName one crypto-native firm that was the first to receive a national trust bank charter.

AAnchorage Digital was the first crypto-native firm to receive a national trust bank charter in January 2025.

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