CFTC Corrects Stablecoin Guidance for National Trust Banks

CFTC reissues stablecoin guidance with correction

The Commodity Futures Trading Commission (CFTC) reissued Staff Letter 25-40 on 6 February 2026. The agency revised the definition of payment stablecoin to include national trust banks as eligible issuers. The original letter was published on 8 December 2025. The revision allows stablecoins issued by national trust banks to serve as collateral for futures commission merchant (FCM) margin requirements.

December framework excluded trust banks by error

The December 2025 guidance created an unintentional two-tier system. It excluded national trust banks from the payment stablecoin definition. CFTC staff became aware of the exclusion after issuing the original letter. The agency confirmed the exclusion was not intended. National trust banks chartered by the Office of the Comptroller of the Currency (OCC) during President Trump's first term were affected by the omission.

"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. These national trust banks continue to play an important role in the payment stablecoin ecosystem. 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.", 06 February 2026. — Michael S. Selig, Chairman, CFTC

Chairman cites stablecoin leadership under new framework

CFTC Chairman Michael S. Selig stated the correction supports stablecoin innovation. He referenced the GENIUS Act and the CFTC's eligible collateral framework in his statement. The agency's announcement positions the United States as a leader in stablecoin policy. The revised framework expands eligible tokenized collateral options for institutional derivatives settlement.