WASHINGTON — The Commodity Futures Trading Commission’s Market Participants Division today announced it has reissued CFTC Staff Letter 25-40 with a limited revision to the definition of “payment stablecoin.” The revision specifies that a national trust bank may be a permitted issuer of a payment stablecoin for purposes of the no-action position.
In CFTC Staff Letter 25-40, issued Dec. 8, 2025, MPD took a no-action position on certain requirements applicable to futures commission merchants that accept non-securities digital assets, including payment stablecoins, as customer margin collateral and hold certain proprietary payment stablecoins in segregated customer accounts.
After issuing the letter, division staff became aware that payment stablecoins that otherwise meet the definition in the letter may be issued by a national trust bank. The division did not intend to exclude national trust banks as issuers and determined to reissue CFTC Letter 25-40 with an expanded definition of “payment stablecoin.”
“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,” said Chairman Michael S. Selig. “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.”
