The Commodity Futures Trading Commission (CFTC) has updated its regulatory framework to include stablecoins issued by national trust banks as acceptable collateral in derivatives markets. This revision, announced on February 6, 2026, reissues Staff Letter 25-40 with an expanded definition of “payment stablecoin,” explicitly recognizing national trust banks as permitted issuers. ([cftc.gov](https://www.cftc.gov/PressRoom/PressReleases/9180-26?utm_source=openai))
Initially, the CFTC’s guidance, issued in December 2025, allowed futures commission merchants (FCMs) to accept certain non-security digital assets, including payment stablecoins, as customer margin collateral. However, the original definition inadvertently excluded stablecoins issued by federally chartered national trust banks. The recent amendment corrects this oversight, ensuring that such institutions are not excluded from the payment stablecoin framework solely due to their supervisory jurisdiction. ([cftc.gov](https://www.cftc.gov/PressRoom/PressReleases/9180-26?utm_source=openai))
Chairman Michael S. Selig emphasized the significance of this update, stating, “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.” ([cftc.gov](https://www.cftc.gov/PressRoom/PressReleases/9180-26?utm_source=openai))
This regulatory adjustment aligns with the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, enacted in July 2025, which established national standards for stablecoin issuers, including reserve requirements and federal supervision. By expanding the definition of eligible collateral to include bank-issued stablecoins, the CFTC aims to reduce market fragmentation and promote institutional adoption of tokenized collateral. ([cftc.gov](https://www.cftc.gov/PressRoom/PressReleases/9180-26?utm_source=openai))
Industry participants have welcomed the update. For instance, Circle President Heath Tarbert noted, “Using trusted stablecoins like USDC as collateral will lower costs, reduce risk, and unlock liquidity across global markets 24/7/365.” ([cftc.gov](https://www.cftc.gov/PressRoom/PressReleases/9130-25?utm_source=openai))
The CFTC’s revision reflects a broader effort to integrate digital assets into the traditional financial system while maintaining robust regulatory oversight. By recognizing stablecoins issued by national trust banks as eligible collateral, the agency is facilitating greater participation of regulated financial institutions in the digital asset markets, potentially enhancing liquidity and efficiency in derivatives trading. ([cftc.gov](https://www.cftc.gov/PressRoom/PressReleases/9180-26?utm_source=openai))