CFTC Expands Crypto Collateral Pilot to Include National Trust Bank Stablecoins

On Feb. 6, the US Commodity Futures Trading Commission expanded its digital asset collateral framework and explicitly authorized futures commission merchants to accept stablecoins issued by national trust banks as margin. The revision, detailed in Staff Letter 25-40, corrects December guidance that inadvertently excluded those banks and created a two-tiered stablecoin system.

The update gives stablecoins issued by national trust banks parity with assets from state-regulated issuers such as Circle and Paxos. CFTC Chairman Mike Selig characterized the revision as a strategic step toward cementing American dominance in the digital asset sector.

"With the enactment of the GENIUS Act and the CFTC’s new eligible collateral framework, America is the global leader in stablecoin innovation," Selig said. The commission said it would not recommend enforcement action against FCMs that accept the newly qualified assets, provided they adhere to the enhanced reporting protocols outlined in the no-action letter.

United States