#CFTCOKsBankStablecoins

What exactly happened?
On February 6, 2026, the U.S. Commodity Futures Trading Commission (CFTC) reissued Employee Letter 25-40, originally dated December 8, 2025, but with some minor yet important adjustments.
The original letter 25-40 provided a “no-action” stance—meaning the CFTC would not impose certain strict rules on futures commission merchants (FCMs)—if they:
Accept specific non-security digital assets such as payment stablecoins as collateral/margin for futures and derivatives trading.
Hold some proprietary payment stablecoins in segregated customer accounts.
This update was reissued as part of Guidance 26-05, correcting a small oversight: it now explicitly includes National Trust Bank as an authorized issuer of these “payment stablecoins.”
National Trust Bank is a federally regulated bank supervised by the OCC and can operate in all 50 U.S. states. It focuses on trust/custody services rather than traditional lending/deposits like large retail banks, for example, institutions licensed for cryptocurrency/digital asset activities.
Simply put: Previously, state-regulated issuers like Circle’s USDC or Paxos’ stablecoins were clearly permitted. Now, stablecoins issued by these federally regulated National Trust Banks also qualify—giving them equal treatment.
Why is the CFTC doing this?
After the original letter in December 2025, they realized that the definition inadvertently excluded National Trust Banks.
They stated: “The department does not intend to exclude National Trust Banks as issuers… Therefore, we are reissuing to expand the definition.”
This is just a clarification/adjustment—not a major new rule. Aside from including these banks, there are no other significant changes.
How does this relate to broader trends?
It aligns with the broader push for regulated stablecoins in the U.S. following the passage of the GENIUS Act in 2025. The GENIUS Act created the first federal framework for “payment stablecoins”—U.S. dollar-pegged tokens used for payments/settlements. It allows:
Bank subsidiaries or entities licensed by the OCC to issue them.
Strict rules: 1:1 reserves, redemption rights, AML compliance, etc.
The CFTC’s update helps integrate these stablecoins into the derivatives market—futures, options—by allowing FCMs to use them as secure collateral—enhancing liquidity and institutional adoption.
Key impacts and bullish reasons for crypto
More regulated options: Traditional/federal banks can now issue stablecoins—bringing more competition, security, and trust compared to purely crypto-native issuers.
Easier trading: FCMs can accept stablecoins issued by these banks as collateral—making it easier for institutions to trade crypto derivatives without converting everything to fiat.
Equal footing with federal licenses: Leveling the playing field—National Trust Banks are no longer marginalized compared to state-licensed banks.
Mainstream bridge: Facilitates integration of traditional finance with crypto—more liquidity, less “Wild West” atmosphere, stronger compliance.
No major risk increase: Still in a strict no-action stance—e.g., risk management, segregation rules.
This is not “banks printing unlimited stablecoins”—everything remains fiat-backed, regulated, and audited. It’s a small but positive step toward more institutional adoption.
X/Twitter quick summary thread—more clarity in update
1/4 🚨 (Update )February 6, 2026(
The CFTC reissued Employee Letter 25-40 → National Trust Banks can now issue “payment stablecoins” that qualify as collateral/margin in futures trading.
Corrected the oversight in the December 2025 letter—federally regulated banks now enjoy the same treatment as issuers like Circle/Paxos!
2/4 What are payment stablecoins?
Dollar-pegged tokens supported 1:1 for payments/settlements. Under the GENIUS Act in 2025, they are strictly regulated—reserves, redemption, AML.
Now, FCMs can safely accept them as collateral—significantly boosting derivatives liquidity.
3/4 Why is this important:
More secure, federally regulated stablecoins entering the market.
Enhances institutional crypto use without additional risk.
Strengthens U.S. leadership in regulated stablecoin innovation.