CFTC Expands Digital Asset Collateral Rules to Bank-Issued Stablecoins

The U.S. Commodity Futures Trading Commission (CFTC) officially expanded its digital asset collateral framework on February 6, 2026, allowing stablecoins issued by federally chartered national trust banks to be used as margin in derivatives trading.

The update reissues Staff Letter 25-40, correcting a December 2025 omission that limited eligible stablecoin issuers to state-regulated money transmitters. Under the revised guidance, Futures Commission Merchants (FCMs) may now accept qualifying bank-issued payment stablecoins as customer collateral, provided enhanced reporting and risk-management standards are met.

Regulatory Parity for National Trust Banks

A central change in the guidance is the establishment of issuer parity. Stablecoins issued by national trust banks supervised by the Office of the Comptroller of the Currency (OCC) are now treated the same as those issued by state-regulated entities for collateral eligibility.

This shift ensures that federally chartered institutions are no longer excluded from the payment stablecoin framework solely due to supervisory jurisdiction.

No-Action Relief Within a Regulatory Sandbox

The revised Staff Letter provides no-action relief, meaning the CFTC will not recommend enforcement action against FCMs that accept these newly qualified stablecoins as margin.

However, the agency emphasized that this relief operates as a time-limited test within a regulatory sandbox. Continued eligibility depends on compliance with strict operational and disclosure requirements.

Alignment With the GENIUS Act

The update aligns CFTC policy with the GENIUS Act, a federal stablecoin law signed in July 2025, which established national standards for:

• reserve backing
• transparency
• audit and disclosure requirements

By harmonizing derivatives regulation with this legislation, the CFTC is reducing regulatory fragmentation across U.S. digital asset oversight.

Operational Safeguards for Market Participants

FCMs choosing to accept bank-issued payment stablecoins must comply with enhanced safeguards, including:

• frequent reporting of digital asset holdings
• immediate disclosure of operational, custody, or cybersecurity incidents
• ongoing monitoring of stablecoin issuer compliance

These conditions are designed to preserve market integrity while expanding collateral flexibility.

Industry Impact and Institutional Implications

Market participants view the decision as a meaningful step toward integrating traditional banking infrastructure with digital asset markets.

Liquidity and Participation

Analysts expect broader collateral eligibility to improve market liquidity, as institutions gain access to a wider range of tokenized assets that meet regulatory standards.

Potential Beneficiaries

Industry reports suggest that Ripple’s RLUSD stablecoin, which reached a $1.5 billion market capitalization in early 2026, could be among the primary beneficiaries of the expanded framework.

Regulatory Perspective

CFTC Chairman Michael S. Selig said the revision ensures that federally chartered institutions, active in U.S. financial markets since the first national trust banks were established, are not excluded from the evolving payment stablecoin ecosystem.

Access to Guidance

Institutions seeking to participate can access the updated guidance through the CFTC Press Room or via official Market Participant Staff Letters.

Key Takeaway

By extending collateral eligibility to bank-issued payment stablecoins, the CFTC is signaling a pragmatic shift toward regulated tokenized finance. The move lowers institutional barriers, aligns derivatives oversight with federal stablecoin law, and further embeds digital assets into the core of U.S. market infrastructure, while maintaining tight supervisory controls.

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