CFTC Updates Payment Stablecoin Criteria To Recognize National Trust Banks – Details
The US Commodity Futures Trading Commission (CFTC) has amended a latest employees advisory to acknowledge fee stablecoins issued by nationwide belief banks as eligible margin collateral. This transfer varieties a part of a broader regulatory initiative by the Commission on digital asset integration consistent with US President Donald Trump’s pro-crypto agenda.
Related Reading: US Treasury Sec To Wall Street: If You Hate Crypto Rules, El Salvador Is Waiting
CFTC Clears FCMs To Accept Bank-Issued Stablecoins As Collateral
In a press release on February 6, the CFTC’s Market Participants Division (MPD) introduced an replace to the CFTC Staff Letter 25-40, which communicated the “Staff No-Action Position Regarding Digital Assets Accepted As Margin Collateral.”
This memo was initially launched on December 8, permitting all CFTC-registered futures fee retailers (FCM) to just accept non-securities digital belongings, e.g., fee stablecoins, as margin collateral in addition to maintain particular proprietary stablecoins in separate buyer accounts.
However, this earlier model of this memo solely acknowledged eligible fee stablecoins as these issued by state-regulated cash transmitters or belief firms. However, the CFTC has acknowledged {that a} fee stablecoin, as outlined within the letter, can also be issued by a nationwide belief financial institution.
In Trump’s first time period, the US traditionally chartered its first set of nationwide belief banks to interact in custody and issuance of fee stablecoins. The CFTC clarifies there was no intention to initially exclude nationwide belief banks as stablecoin issuers, a place that has now been formally affirmed within the up to date model of CFTC Letter 25-40.
CFTC Chairman Michael S. Selig has lauded the reissue, recognizing the rising position of the nationwide belief banks and America as an entire within the stablecoin trade.
Selig stated:
I’m happy that the CFTC employees is amending its beforehand issued no-action letter to develop the checklist of eligible tokenized collateral to incorporate fee stablecoins issued by these establishments (nationwide belief banks). With the enactment of the GENIUS Act and the CFTC’s new eligible collateral framework, America is the worldwide chief in fee stablecoin innovation.
National Bank Charter: Digital Asset Banks Push For Recognition
In different stories, the competitors amongst digital asset companies to acquire nationwide financial institution charters displays a broader effort to combine cryptocurrency companies into the regulated US monetary system. A nationwide belief financial institution constitution permits crypto firms to function underneath federal oversight, strengthening credibility and increasing institutional partnerships.
In January 2025, Anchorage Digital represented the primary crypto-native agency to obtain such approval. Presently, a number of companies, together with Coinbase, Circle, Ripple, and BitGo, have additionally acquired conditional approvals from the OCC in a bid to broaden their service choices.
