The Commodity Futures Trading Commission (CFTC) has reissued CFTC Staff Letter 25-40, introducing a targeted but significant update to the definition of a “payment stablecoin”.
The revised language clarifies that a national trust bank may be considered a permitted issuer of a payment stablecoin for the purposes of the no-action relief set out in the letter, removing any ambiguity that may have existed in the original guidance.
CFTC Staff Letter 25-40 was first issued on 8 December 2025 by the Commission’s Market Participants Division (MPD). At the time, the division took a no-action position in relation to certain regulatory requirements that apply to futures commission merchants (FCMs) when they accept non-securities digital assets, including payment stablecoins, as customer margin collateral.
The letter also addressed circumstances in which FCMs may hold proprietary payment stablecoins in segregated customer accounts without triggering enforcement action.
Following the publication of the letter, MPD staff identified that payment stablecoins which otherwise met the definition outlined in the guidance could, in practice, be issued by a national trust bank. The division concluded that it had not intended to exclude these institutions from the scope of permitted issuers.
As a result, CFTC staff decided to reissue the letter with an expanded definition of “payment stablecoin” to explicitly include national trust banks as eligible issuers under the no-action position.
The clarification is particularly relevant for market participants operating at the intersection of derivatives markets and digital assets, where questions around custody, issuance and the regulatory status of stablecoins continue to evolve.
By confirming that national trust banks fall within the definition, the CFTC provides additional certainty for FCMs that may already be interacting with stablecoins issued by these entities, or considering doing so as part of their collateral and margin arrangements.
The update also reflects the broader regulatory context surrounding stablecoins in the US. National trust banks have played an increasingly prominent role in the digital asset ecosystem, particularly following regulatory developments that enabled them to custody and issue tokenised assets under federal charters. The revised letter aligns the CFTC’s staff guidance with this reality, while maintaining the limited and conditional nature of the no-action relief.
Commenting on the revision, CFTC chairman Michael S. Selig 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. 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.”
While the revision does not introduce new obligations, it signals the CFTC’s intent to ensure its staff guidance keeps pace with structural changes in the digital asset and payments landscape. For firms across FinTech and RegTech, the clarification reduces legal uncertainty and supports the continued integration of payment stablecoins into regulated derivatives markets.
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