CFTC Expands Crypto Collateral Pilot to Include National Trust Bank Stablecoins
The US Commodity Futures Trading Commission (CFTC) expanded its digital asset collateral framework on February 6.
This update explicitly authorizes futures commission merchants (FCMs) to accept stablecoins issued by national trust banks as margin.
The revision, detailed in Staff Letter 25-40, serves as a critical course correction to guidance issued in December.
That earlier framework had inadvertently created a two-tiered system by restricting eligible payment stablecoins to those issued by state-regulated money transmitters or trust companies.
The oversight effectively sidelined federally chartered national trust banks from participating in the burgeoning market for tokenized derivatives collateral.
Consequently,…
