The Commodity Futures Trading Commission's Market Participants Division has reissued Staff Letter 25-40 with an expanded definition of "payment stablecoin" that includes national trust banks as eligible issuers, the agency announced Thursday.
The revised guidance corrects what the CFTC characterized as an unintended exclusion from its original December 8, 2025 no-action letter regarding digital assets used as customer margin collateral by futures commission merchants.
The original Staff Letter 25-40 established a no-action position allowing futures commission merchants to accept certain non-securities digital assets, including payment stablecoins, as customer margin collateral and to hold proprietary payment stablecoins in segregated customer accounts. The letter provided regulatory clarity for firms seeking to integrate digital assets into their operations while maintaining compliance with CFTC requirements.
After issuing the December letter, division staff became aware that payment stablecoins meeting the letter's definition could be issued by national trust banks. The agency determined that excluding these institutions was not intentional and warranted a revision to the guidance.
"The division did not intend to exclude national trust banks as issuers and determined to reissue CFTC Letter 25-40 with an expanded definition of 'payment stablecoin,'" the agency stated in its announcement.
The revision reflects the growing role of national trust banks in the digital asset ecosystem. These specialized institutions received federal charters during the previous Trump administration when the Office of the Comptroller of the Currency approved the first national trust banks with authority to custody and issue payment stablecoins.
CFTC Chairman Michael S. Selig emphasized the importance of including these institutions in the regulatory framework. "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," Selig said. "These national trust banks continue to play an important role in the payment stablecoin ecosystem."
The chairman connected the update to broader regulatory developments affecting digital assets. He cited the enactment of the GENIUS Act and the CFTC's new eligible collateral framework as evidence of American leadership in payment stablecoin innovation.
"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," Selig said. "With the enactment of the GENIUS Act and the CFTC's new eligible collateral framework, America is the global leader in payment stablecoin innovation."
The reissuance represents a technical but significant clarification for the derivatives markets. Futures commission merchants rely on clear regulatory guidance when determining what types of collateral they can accept from customers and how to properly segregate those assets.
Payment stablecoins have gained prominence as a form of digital currency designed to maintain stable value relative to reference assets, typically the U.S. dollar. These digital assets combine the efficiency of blockchain technology with price stability, making them attractive for various financial applications including as collateral for derivatives trading.
The inclusion of national trust bank-issued stablecoins in the CFTC's framework provides additional options for market participants while maintaining regulatory oversight. National trust banks operate under federal supervision and must comply with banking regulations, potentially offering additional safeguards for stablecoin issuance and custody.
The update comes as regulators across the federal government work to establish comprehensive frameworks for digital asset oversight. The CFTC has positioned itself as a key regulator for digital commodities, while other agencies handle securities-based digital assets and banking-related activities.
For futures commission merchants, the clarification removes uncertainty about whether stablecoins issued by national trust banks would qualify under the no-action position. This regulatory certainty can facilitate broader adoption of digital assets as collateral in derivatives markets.
The reissued letter maintains the same underlying requirements and conditions from the original December guidance while expanding the universe of eligible stablecoin issuers. Market participants must still ensure that any payment stablecoins used as collateral meet the specific criteria outlined in the staff letter.
The timing of the reissuance, less than two months after the original letter, demonstrates the agency's responsiveness to industry feedback and its commitment to providing clear regulatory guidance as digital asset markets evolve.
As the digital asset landscape continues to develop, the CFTC's willingness to revise and clarify its guidance provides a framework for ongoing regulatory adaptation. The inclusion of national trust banks as eligible stablecoin issuers represents another step toward integrating traditional banking institutions with emerging digital asset technologies.