CFTC Broadens Crypto Collateral Rules to Include National Trust Bank Stablecoins

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TLDR

  • The CFTC now permits stablecoins issued by national trust banks to be used as collateral for futures trading.
  • The CFTC’s update lifts restrictions on crypto collateral, aiding national trust banks.
  • Stablecoins compliant with the GENIUS Act are now eligible for institutional derivatives settlements.
  • The CFTC secures stablecoin parity for federally chartered banks, fostering market inclusivity.

The U.S. Commodity Futures Trading Commission () has broadened its crypto collateral framework, taking a key step to include stablecoins from national trust banks as acceptable margin for futures contracts.

This change was announced on February 6, 2026, via an update to Staff Letter 25-40, correcting earlier limitations that had accidentally excluded such stablecoins from the margin collateral list.

This new update aligns national trust banks with state-regulated trust companies and other stablecoin issuers like Circle and Paxos, paving the way for wider institutional use. The decision is seen as a strategic move by the CFTC to solidify the United States’ role as a leader in the stablecoin and digital asset markets.

Expansion of Crypto Collateral Framework

Prior to this update, the CFTC’s framework had accidentally created a two-tier system that excluded stablecoins from national trust banks. The initial guidance issued in December 2025 restricted eligible stablecoins to those from state-regulated entities.

This oversight sidelined national trust banks—such as those chartered by the U.S. government—from the digital asset collateral market, limiting their participation in the emerging tokenized derivatives collateral space.

The correction now ensures stablecoins from national trust banks can compete equally in the futures contract market, creating a fairer playing field for all issuers. This parity is viewed as essential for the evolution of derivatives markets, which are increasingly incorporating digital assets like Bitcoin and Ethereum for settlement.

Broader Implications for Digital Asset Market Integration

Mike Selig, Chairman of the CFTC, emphasized that this change positions the U.S. as a global leader in the digital asset sector. He highlighted the broader implications of GENIUS Act-compliant stablecoins now being eligible for institutional derivatives settlements.

By enabling these stablecoins to serve as the payment leg in institutional settlements, the is working to integrate digital assets into traditional financial systems more seamlessly.

Salman Banei, General Counsel of Plume Network, underscored the operational importance of this update. He stated, “With this, GENIUS Act-compliant stablecoins can now be used as the payment leg for institutional derivatives settlement,” marking a critical advancement in the operational infrastructure of the crypto derivatives market.

Operational Oversight and Reporting Requirements

While the CFTC’s new framework opens the door for national trust bank stablecoins in futures trading, it also includes strict operational oversight. Participating Futures Commission Merchants (FCMs) are required to submit regular reports on their digital asset holdings, ensuring transparency and security in the crypto-collateral market.

Any operational disruptions or cybersecurity incidents must be immediately disclosed by FCMs involved in the pilot program.

The pilot program, launched by the in 2025, temporarily allows Bitcoin, Ethereum, and now qualified stablecoins as collateral for derivatives. However, the CFTC has made clear that the inclusion of national trust bank stablecoins is conditional on FCMs adhering to enhanced reporting protocols, which will be closely monitored during the trial period.