CFTC Includes National Trust Banks as Stablecoin Issuers

The Commodity Futures Trading Commission reissued a staff letter on Friday to expand which entities may issue payment stablecoins, adding national trust banks to the definition of eligible issuers. The agency amended Staff Letter 25-40, originally issued on December 8, 2025, and reissued its content with an expanded definition in Staff Letter 26-05.

National trust banks are authorized to operate in all 50 states and generally do not provide retail services such as lending or checking accounts. They typically offer custodial services, act as executors and provide asset management, roles the CFTC now recognizes as compatible with issuing fiat-pegged tokens.

The reissued guidance reflects the regulatory environment after the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act became law in July 2025, creating a comprehensive framework for US dollar stablecoins.

United States