The CFTC has reissued its 25-40 Operational Guidance Letter, adding national trust banks to the list of eligible institutions to issue payment stablecoins under the GENIUS framework.
The U.S. Commodity Futures Trading Commission officially expanded the criteria for stablecoin payments by reissuing Business Guidance Letter 25-40 on Friday. This move adds national trust banks to the list of eligible issuers of Peg -pegged Token , marking a significant adjustment in the implementation of the GENIUS Stablecoin Act, which President Donald Trump signed into law in July 2025.
The guidance letter, revised from the version issued on December 8, 2025, now includes national trust banks, financial institutions authorized to operate in all 50 US states. The CFTC emphasized that the Markets Department did not intend to exclude national trust banks from Vai role as issuers of payment stablecoins, and therefore reissued the content with an expanded definition of payment stablecoins.
Unlike traditional commercial banks, national trust banks do not offer retail services such as lending or checking accounts, but focus on custody services, Vai as trustees representing clients and managing assets.
The FDIC proposes a framework for commercial banks to issue stablecoins.
The CFTC's move comes amid a December 2025 proposal by the Federal Deposit Insurance Corporation (FDIC) of a framework that would allow commercial banks to issue stablecoins through subsidiaries under FDIC supervision.
This agency will assess the compliance of both the parent and subsidiary companies with the requirements of the GENIUS Act, including conversion policies, adequate collateral in the form of cash deposits and short-term government securities, and an overall assessment of their financial condition.
The Guiding and Establishing National Innovation for US Stablecoins Act is a comprehensive legal framework for USD Peg stablecoins, stipulating that only stablecoins that are over-backed and pegged at a 1:1 ratio by fiat currency deposits or short-term government securities such as US Treasury bills are eligible for recognition.
Algorithmic Stablecoin and synthetic USD, which rely on software to maintain price Peg or complex market trading strategies, have been excluded from this regulatory framework, demonstrating the cautious approach of US regulators in ensuring stability and transparency for the stablecoin market.
