The U.S. Commodity Futures Trading Commission (CFTC) has officially recognized stablecoins issued by national trust banks as approved payment tokens. This development marks a significant shift in the regulatory landscape for stablecoins, reflecting a growing acceptance of these digital assets within the formal financial system.
New Guidance Clarifies Stablecoin Regulations
The CFTC’s revised guidance was issued through a reissued version of CFTC Staff Letter 25-40. Initially released in December 2025, the original letter allowed futures commission merchants to accept specific non-securities digital assets, including payment stablecoins, under strict conditions. However, the previous wording inadvertently excluded stablecoins from national trust banks that met the necessary requirements. The updated guidance rectifies this oversight, explicitly designating national trust banks as permissible stablecoin issuers within the CFTC’s no-action framework.
This clarification aligns the regulatory approach to stablecoins with existing banking structures, rather than establishing a separate system for digital assets. The inclusion of national trust banks indicates that stablecoins are increasingly recognized as integral components of the regulated financial infrastructure.
Implications for Futures Markets and Compliance
With this new guidance, futures commission merchants can confidently accept stablecoins issued by national trust banks as customer margin collateral. This is contingent on meeting existing safeguards, which include requirements for the segregation of customer funds to mitigate risks. Notably, the update does not relax compliance standards or modify the conditions governing the use of stablecoins; it instead eliminates ambiguity surrounding their treatment in regulated derivatives markets.
The CFTC’s decision is expected to bolster the role of national trust banks in the stablecoin ecosystem. These institutions, operating under federal charters and subjected to rigorous oversight, have increasingly become trusted entities for custody and issuance of payment-related digital assets.
CFTC Chairman Michael Selig emphasized the significance of this move, framing it as part of a broader strategy to position the U.S. as a leader in stablecoin innovation. This shift follows the passage of the GENIUS Act, indicating a transition from cautious observation to a more structured integration of stablecoins into the financial landscape.
For the cryptocurrency industry, the CFTC’s latest guidance signifies a growing acceptance of payment-focused stablecoins as legitimate financial tools. As stablecoins gain traction, particularly when issued by regulated institutions, their role in mainstream finance is set to expand, marking a pivotal moment in the evolution of digital assets.
