The Commodity Futures Trading Commission’s Market Participants Division has reissued CFTC Staff Letter 25-40 with a slight revision to the definition of “payment stablecoin.” According to the CFTC, the revision affects national trust banks, which may be permitted to issue payment stablecoins.
Under the GENIUS Act, payment stablecoins, digital assets backed by fiat currency as stipulated under the law, approved financial services firms may issue digital dollars.
In CFTC Staff Letter 25-40, issued Dec. 8, 2025, a no-action letter was issued 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, CFTC staff became aware that payment stablecoins that otherwise meet the definition in the letter may be issued by a national trust bank.
The CFTC explained that it 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.”
CFTC Chairman Michael S. Selig said that national trust banks play an important role in the payment stablecoin ecosystem, and he is pleased the letter has been amended to address the oversight.
