National Trust Banks Cleared to Issue Stablecoins Under Revised Rules

Bank-issued stablecoins now qualify as approved collateral, giving futures brokers more options under updated U.S. rules.

U.S. regulators continue to adjust crypto market rules as stablecoins gain a larger role in financial markets. A recent move by the Commodity Futures Trading Commission signals closer alignment with federal banking policy. These changes focus on who can issue stablecoins and how those tokens may be used in regulated trading.

CFTC Revises No-Action Letter to Allow Bank-Issued Stablecoins as Collateral

On Friday, the U.S. Commodity Futures Trading Commission changed its rules to allow national trust banks to issue payment stablecoins. Market Participants Division staff updated an earlier guidance letter to confirm that these banks are approved issuers.

The change applies under the CFTC’s no-action policy, which explains when enforcement action will not be taken.

First issued on December 8, 2025, the guidance letter explained how futures brokers may accept certain digital assets as margin collateral. It also described how brokers can hold their own fiat-pegged tokens in separate customer accounts.

At the time, the guidance focused only on digital assets that are not classified as securities and meet specific CFTC requirements.

After publication, division staff recognized that some payment stablecoins meeting those criteria could be issued by national trust banks. The original wording did not intend to exclude such banks.

To remove any doubt, staff chose to reissue the letter with a clearer and expanded definition. The revised version clearly states that national trust banks may issue payment stablecoins for purposes of the no-action guidance.

For futures brokers, the change allows fiat-pegged tokens issued by national trust banks to be used as approved collateral. Brokers now have more options when accepting digital assets, along with clearer rules on permitted stablecoin issuers.

Revised Stablecoin Rules Strengthen U.S. Market Clarity

CFTC Chairman Michael S. Selig linked the update to earlier banking decisions and recent legislation. During President Trump’s first term, the Office of the Comptroller of the Currency granted charters to national trust banks. These institutions were authorised to hold and issue fiat-pegged tokens. According to Selig, those banks still play an important role in stablecoin markets.

The chairman added that the amended staff letter expands eligible tokenized collateral to include stablecoins issued by such banks.

“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.”

Michael S. Selig said.

CFTC’s updated stablecoin rules now reflect current banking charters and recent legislation. The commission aims to provide clearer market guidance while existing protections remain in place.

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