The US Commodity Futures Trading Commission (CFTC) announced a measure that formally expands the definition of “payment stablecoin.” The Market Participants Division (MPD) listed national banks as authorized issuers of these digital assets.
This decision, which is established in the reissuance of the 25-40 no-action letter, allows said financial institutions to issue their own stablecoins and that These are accepted as margin guarantee in futures market operations.
CFTC Chairman Michael Selig highlighted that this regulatory update seeks to integrate national banks into the digital asset ecosystem.
“During President Trump’s initial term, the Office of the Comptroller of the Currency (OCC) made history by establishing the first national trust banks with the authority to custody and issue payment stablecoins,” Selig noted.
This measure is based on the recent enactment of the GENIUS Act, which establishes a framework of eligible collateral that, according to the official, places the United States as a «world leader in innovation in payment stablecoins.»
The technical review corrects a previous omission that did not explicitly contemplate trust banks, now allowing its assets function as collateral in segregated client accounts.
A payment stablecoin is a type of stablecoin specifically designed to function as a means of payment or settlement in everyday transactions, transfers or commerce, maintaining a stable value.
Unlike stablecoins used mainly as a store of value or bridge for cryptocurrency trading, payment ones prioritize features such as settlement speed, low costs, 24/7 availability, cross-border transfers without intermediaries and redemption guaranteed by the issuer (for example, USDC from Circle, USDT from Tether or EURC in its main use for payments).
The conflict of interests of stablecoins and traditional banking
This regulatory advance occurs in a context of high tension in Washington. Representatives from the cryptocurrency sector and traditional banking have recently held meetings at the White House to discuss the CLARITY bill. This, in an attempt to unblock the legislative progress of that regulatory proposal. The main obstacle to this legislation is the financial performance of stablecoins.
Donald Trump’s administration would have issued an ultimatum to reach an agreement on interest payments before the end of February.
Currently, US banks hold about $18.61 trillion in deposits (based on Federal Reserve data from January 2026). The traditional banking model depends on raising funds with zero or low returns (close to 0.5%) to reinvest in Treasury bonds.
Therefore, stablecoins that offer direct returns to the user represent, according to the banks, a threat to this structure. Fearing a massive flight of up to $6 trillion in deposits, the lobby banking presses for restrictions. This, while the digital asset industry proposes diversifying the custody of reserves in regional and community banks to mitigate the systemic impact.
The resolution of the conflict over the interests of stablecoins will be decisive for the mass adoption of tokenized dollars and for the stability of the liquidity that flows into the bitcoin market. All this, in a year where Regulatory clarity appears to be the priority of the US economic agenda.