Update on CFTC Guidance for Stablecoins
The U.S. Commodity Futures Trading Commission (CFTC) has updated its guidance surrounding the use of stablecoins for collateral in derivatives trading, notably incorporating national trust banks into the list of acceptable issuers for these digital assets. This revised guidance, announced by the CFTC’s Market Participants Division on February 6, 2026, serves to modernize the agency’s position in light of ongoing developments in federal regulations regarding stablecoins and the charters of banking institutions.
Revised Definition of Payment Stablecoin
The revision of Staff Letter 25-40 broadens the definition of “payment stablecoin,” now specifically permitting tokens issued by national trust banks to qualify as valid collateral under the CFTC’s no-action framework. This framework permits futures commission merchants to use certain digital assets, including payment stablecoins, as customer margin collateral, as well as permits firms to maintain their proprietary stablecoins within segregated accounts for customers, provided they adhere to specified requirements.
Previously, when this guidance was first issued on December 8, 2025, national trust banks were unintentionally excluded from consideration, as the focus remained solely on stablecoins associated with state-regulated money transmitters and trust entities. Upon recognition of this oversight, CFTC staff amended the definition to align with current regulatory realities concerning federally chartered institutions.
Comments from CFTC Chairman
CFTC Chairman Michael S. Selig remarked that this amendment acknowledges the significant role that national trust banks have taken within the developing stablecoin landscape. He highlighted that these banks have recently received charters from the Office of the Comptroller of the Currency, which allows them to issue and safeguard payment stablecoins under federal oversight. The clarification ensures that stablecoins issued by these institutions can be utilized effectively as collateral, consistent with the CFTC’s no-action stance.
Alignment with Federal Initiatives
This guidance aligns with broader federal initiatives aimed at fostering a structured environment for stablecoins, particularly following the enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) in July 2025. The GENIUS Act mandates standards for reserve requirements, audits, and supervision for stablecoin issuers, defining eligible issuers to include bank subsidiaries and federally regulated entities.
By adjusting its collateral requirements in line with such federal regulations, the CFTC is facilitating the entrance of regulated financial institutions into the digital asset space. Nevertheless, futures commission merchants will still need to adhere to various conditions—including risk safeguards and haircut policies mandated by clearing organizations—to benefit from the no-action provision.
Market Implications
Market analysts anticipate this update could spur increased adoption of tokenized collateral in U.S. futures markets. By integrating stablecoins issued by banks into regulated collateral frameworks, barriers may be reduced for both traditional financial entities and cryptocurrency firms, as long as issuers comply with necessary standards for reserve transparency and risk management.
