The U.S. Commodity Futures Trading Commission (CFTC) has explicitly included national trust banks as issuers of payment-type stablecoins, marking another shift in the stablecoin regulatory landscape. This change is part of the regulatory overhaul implemented under the GENIUS Act, signed by President Trump last year.
The CFTC recently released "26-05 Staff Letter," revising and supplementing the "25-40 Staff Letter" issued in December 2025. At the time, the CFTC recognized payment stablecoins and outlined criteria for private issuance, but national trust banks were excluded from the scope. This revision allows national trust banks to issue payment stablecoins if they meet legal requirements.
National trust banks are permitted to operate in all 50 states, but unlike typical retail banks, they do not offer lending or deposit account services. Instead, they focus on trust services such as asset custody, will execution, and asset management. In this letter, the CFTC stated that "the 25-40 Letter did not intend to exclude national trust banks from issuance," and clarified their eligibility requirements.
This revision is significant because it reflects the GENIUS Act, signed by President Trump in July 2025. The GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act is the first comprehensive financial regulation that broadly defines the standards for issuing US dollar-pegged stablecoins. The bill focuses on enhancing legal certainty, including payment guarantee requirements, collateral asset requirements, and data transparency.
The FDIC also established standards for issuing bank stablecoins.
In line with this, the U.S. Federal Deposit Insurance Corporation (FDIC) has also presented a draft proposal for banks to enter the stablecoin business. The proposal, published in December 2025, proposed a structure whereby commercial banks would issue stablecoins as subsidiaries, with the FDIC overseeing the issuers' compliance with the GENIUS Act.
This proposal stipulates that issued stablecoins must be fully collateralized by cash deposits or short-term government bonds, and that their redemption policies and financial soundness must also be reviewed. As a result, "algorithm-based" stablecoins, such as those involved with Luna and Terra (UST), are excluded from the GENIUS system.
Under the GENIUS Act, only stablecoins with 1:1 collateralization and guaranteed payment are recognized as legal tender. Models that attempt to maintain prices through complex transaction structures or algorithms are classified as "synthetic dollars" and are therefore deprioritized.
Entry barriers are high, but the door to institutional advancement is open.
This CFTC amendment is interpreted as officially opening the door for institutional financial institutions to enter the stablecoin market. In particular, as traditional financial institutions such as "trust banks," rather than cryptocurrency companies, are now included as primary issuers, the structure of the US stablecoin market is expected to change.
Experts believe that these changes could ultimately lead to increased market confidence. This is because companies must demonstrate their own collateral, and the financial soundness of banks and subsidiaries will also be subject to review. However, these standards can pose significant barriers for small projects and startups.
The full-scale restructuring of the stablecoin regulatory environment is expected to be a crucial indicator of future US blockchain financial policy trends, as it is linked to future discussions on digital dollars and central bank digital currencies (CBDCs).
💡 "Regulation lies in the shadow of dollar hegemony… What is the future of stablecoins?"
The US CFTC's changes to stablecoin regulations and the implementation of the GENIUS Act are not simply a change in wording. They signal the beginning of a "new game" where payment security, collateral-based transparency, and the soundness of the issuer are paramount, regardless of whether the central or private sector is involved.
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TP AI Precautions
This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
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