The US Commodity Futures Trading Commission (CFTC) has reissued Staff Letter 25-40 with a targeted update to the definition of a “payment stablecoin”, clarifying that national trust banks may be permitted issuers under its no-action position.
The revision reflects a technical but meaningful shift in how certain digital assets can be treated when used as collateral within regulated derivatives markets.
The announcement was made by the CFTC’s Market Participants Division (MPD), which confirmed that the revised letter updates guidance originally issued on 8 December 2025. The earlier version of Staff Letter 25-40 outlined a no-action position on specific requirements applying to futures commission merchants (FCMs) that accept non-securities digital assets, including payment stablecoins, as customer margin collateral.
It also addressed circumstances in which FCMs may hold proprietary payment stablecoins in segregated customer accounts.
Following the publication of the original letter, staff at the MPD became aware that certain payment stablecoins meeting the definition set out in the guidance could be issued by national trust banks.
According to the division, it was never the intention to exclude such institutions. As a result, the CFTC has reissued Staff Letter 25-40 with an expanded definition that explicitly recognises national trust banks as eligible issuers of payment stablecoins for the purposes of the no-action position.
The clarification is significant for market participants operating at the intersection of digital assets and regulated derivatives, as it broadens the pool of stablecoins that may qualify as acceptable collateral. It also aligns CFTC guidance more closely with developments in US banking oversight and the evolving role of chartered trust banks in digital asset issuance and custody.
CFTC chairman Michael S. Selig highlighted the historical and regulatory context behind the change, pointing to the role played by the Office of the Comptroller of the Currency in establishing national trust banks with authority over payment stablecoins.
He said, “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.”
Selig added that the update reflects a broader regulatory framework now in place for tokenised collateral and stablecoin innovation in the US. “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. 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 reissued letter reinforces the CFTC’s approach to providing regulatory clarity through targeted no-action relief, while adapting guidance to reflect market realities and legislative developments. For FinTech firms, derivatives intermediaries and digital asset issuers, the update signals a continued willingness by US regulators to refine definitions as stablecoin issuance models mature.
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