The Commodity Futures Trading Commission (CFTC) has published a set of frequently asked questions clarifying aspects of the tokenized collateral and digital asset margin collateral framework. These were established in December 2025 via two staff guidance letters, including a Coinbase no action letter which was updated in February. Much of the FAQ confirms what was already implicit in the original letters, but two points add substantive new detail.

The most concrete addition is a specific capital charge for payment stablecoins. The no action letter required FCMs to impose “an applicable capital charge” against stablecoins deposited as residual interest in customer segregated…