#CFTCOKsBankStablecoins

What Actually Happened?
On February 6, 2026, the U.S. Commodity Futures Trading Commission (CFTC) reissued Staff Letter 25-40 (originally from December 8, 2025) with a small but important change.
The original letter (25-40) gave a "no-action" position — meaning the CFTC won't enforce certain strict rules against Futures Commission Merchants (FCMs) — if they:
Accept specific non-securities digital assets (like payment stablecoins) as margin/collateral for futures & derivatives trading.
Hold some proprietary payment stablecoins in segregated customer accounts.
The update (reissued as part of guidance 26-05) fixes a small oversight: It now explicitly includes national trust banks as allowed issuers of these "payment stablecoins."
National trust banks are federally chartered banks (supervised by the OCC) that can operate nationwide in all 50 U.S. states. They focus on trust/custody services (not regular lending/deposits like big retail banks). Examples include institutions getting charters for crypto/digital asset activities.
In simple words: Previously, stablecoins from state-regulated issuers (like Circle's USDC or Paxos) were clearly allowed. Now, stablecoins issued by these federal national trust banks also qualify — giving them equal treatment.
Why Did the CFTC Do This?
After the original December 2025 letter, they realized the definition accidentally excluded national trust banks.
They said: "The division did not intend to exclude national trust banks as issuers... so we're reissuing with an expanded definition."
This is a clarification/fix — not a huge new rule. No major changes beyond adding these banks.
How Does This Connect to Bigger Things?
This fits into the broader U.S. push for regulated stablecoins after the GENIUS Act (passed in 2025). The GENIUS Act created the first federal framework for "payment stablecoins" (USD-pegged tokens used for payments/settlements). It allows:
Bank subsidiaries or OCC-licensed entities to issue them.
Strict rules: 1:1 reserves, redemption rights, AML compliance, etc.
The CFTC's update helps integrate these stablecoins into derivatives markets (futures, options) by letting FCMs use them as safe collateral — boosting liquidity and institutional use.
Key Impacts & Why It's Bullish for Crypto
More regulated options: Traditional/federal banks can now issue stablecoins → more competition, security, and trust compared to purely crypto-native issuers.
Better for trading: FCMs can accept these bank-issued stablecoins as margin → easier for institutions to trade crypto derivatives without converting everything to fiat.
Parity for federal charters: Levels the playing field — national trust banks aren't sidelined vs. state-chartered ones.
Mainstream bridge: Helps merge TradFi (traditional finance) and crypto — more liquidity, less "wild west" feel, stronger compliance.
No big risks added: It's still under strict no-action conditions (e.g., risk management, segregation rules).
This isn't "banks printing unlimited stablecoins" — everything stays fiat-backed, regulated, and audited. It's a small but positive step toward more institutional adoption.
Quick Summary Post for X/Twitter (Updated with More Clarity)
1/4 🚨 #CFTCOKsBankStablecoins Update (Feb 6, 2026)
CFTC reissued Staff Letter 25-40 → National trust banks can now issue "payment stablecoins" that qualify as margin/collateral in futures trading.
Fixes an oversight from Dec 2025 letter — federal banks get parity with Circle/Paxos-style issuers!
2/4 What are payment stablecoins?
USD-pegged tokens (1:1 backed) for payments/settlements. Under GENIUS Act (2025 law), they're heavily regulated (reserves, redemptions, AML).
Now FCMs can accept them safely as collateral — big for derivatives liquidity.
3/4 Why it matters:
More secure, federally-supervised stablecoins enter the game.
Boosts institutional crypto use without extra risk.
Strengthens US leadership in regulated stablecoin innovation.