CFTC Revises Guidance, Clearing Path for National Trust Banks to Issue Payment Stablecoins

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The US Commodity Futures Trading Commission (CFTC) re-released a staff advisory letter on Friday to widen the scope of entities qualified to issue payment stablecoins, now incorporating national trust banks.

The regulatory action affirms that these institutions can be recognized issuers of dollar-pegged digital tokens. The commission modified its existing Staff Letter 25-40, originally issued in December 2025, to add national trust banks, a category of financial institution authorized to conduct business throughout the entire US.

National Trust Banks operate under a distinct model, typically forgoing retail banking offerings like loan services or checking accounts. Their primary roles often include serving as custodians, acting as executors for trusts and wills, and providing investment management services. Explaining the amendment, the CFTC letter noted:

“The [Market Participants] Division did not intend to exclude national trust banks as issuers of payment stablecoins for purposes of Letter 25-40. Consequently, the division is reissuing the content of Letter 25-40, with an expanded definition of payment stablecoin.”

This administrative step mirrors the broader shift in US regulatory policy concerning stablecoins, set in motion after President Donald Trump enacted the GENIUS stablecoin bill in July 2025.