Short Description: The CFTC has expanded its stablecoin rules to include national trust banks, a major step following the 2025 GENIUS Act and part of a broader U.S. regulatory push.
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Main Article
The U.S. regulatory landscape for stablecoins is clarifying rapidly, with a significant new amendment from the Commodity Futures Trading Commission (CFTC). The agency has reissued and expanded a key staff letter, formally recognizing national trust banks as eligible issuers of payment stablecoins. These institutions, which operate nationwide and specialize in custodial and fiduciary services rather than retail lending, are now explicitly included in the CFTC’s framework. This move directly builds upon the foundation laid by the GENIUS Act, the comprehensive stablecoin law signed in 2025, and signals a concerted effort to integrate traditional, regulated financial entities into the digital asset ecosystem.
This regulatory update is not happening in isolation. It coincides with clear guidance from another major U.S. banking regulator, the Federal Deposit Insurance Corporation (FDIC). In late 2025, the FDIC outlined a proposed framework allowing commercial banks to issue stablecoins through specially regulated subsidiaries. The combined message from the CFTC and FDIC is unambiguous: the path to legally issuing dollar-pegged tokens in the U.S. runs through established, federally supervised banks. The requirements are stringent, mandating 1:1 backing with cash or short-term government securities, robust redemption policies, and ongoing oversight to ensure financial health.
The deliberate exclusion of algorithmic stablecoins from these frameworks highlights the regulators’ risk-averse approach. The focus is squarely on payment stablecoins that function with the stability and consumer protections expected of traditional payment instruments. By bringing national trust banks and commercial banks into the fold, U.S. authorities are aiming to foster innovation within a controlled, transparent system that prioritizes asset backing and institutional accountability. This structured approach aims to provide market certainty and protect consumers while acknowledging the growing role of blockchain-based payment systems.
Short Summary
U.S. regulators are actively defining the future of stablecoins. Following the GENIUS Act, the CFTC now includes national trust banks as eligible issuers, while the FDIC has a framework for bank-issued stablecoins. The concerted push mandates full asset backing through regulated banks, explicitly excluding algorithmic models. This creates a clear, institutionally-focused path for compliant dollar-pegged tokens in the United States.
