Just in the past few days, the U.S. CFTC (Commodity Futures Trading Commission) quietly updated a Staff Letter (25-40), directly naming: National Trust Banks can act as compliant issuers and issue payment stablecoins pegged to the U.S. dollar.

1. Who exactly did the CFTC move with this action?

In the past, the stablecoin market was dominated by native crypto companies like Circle (USDC) and Tether (USDT). Although they are also regulated, they are still seen as a 'makeshift operation' in the eyes of traditional financial giants.

The core point of this expansion of CFTC rules is:

  1. Identity formalization: Allowing national trust banks (which typically only do asset management and trust, do not accept deposits, and have higher security) to issue tokens.

  2. Increased margin status: Futures commission merchants (FCMs) can now accept stablecoins issued by these 'regular troops' as margin.

Case Analysis:

Imagine a national trust bank of the level of Fidelity or BNY Mellon. If they issued a stablecoin called 'F-USD', large institutions trading Bitcoin contracts would not need to hassle with converting to USDT, but could directly use bank-issued dollar tokens to enter the market. This is the floodgate for institutional liquidity being opened.

2. Why is this our chance to 'get rich'? (Grounded analysis)

Don’t think that regulation is bearish. This rule change is actually addressing a pain point: trust.

  • For retail investors: In the future, we may be able to buy and sell stablecoins directly within bank apps, no longer needing to worry about certain issuers running away or stablecoins de-pegging.

  • For the market: More compliant USD entry = more buying. The GENIUS Act just passed in 2025, and the current CFTC is paving the way for the act to be implemented.

Risk Warning: The entry of traditional banks means stricter centralized scrutiny. If you seek absolute privacy, then this type of stablecoin might not be for you; but if you seek the safety of large assets and convenient withdrawals, this is simply a lifesaver.

3. Operational Suggestions: What should we do?

As a fan of Binance Square, in light of this new regulation, I suggest that everyone pay attention to the following three points:

  1. Asset Diversification: Don’t put all your eggs in one basket of USDT. Pay attention to future projects that may collaborate with large trust banks (such as projects like Circle that are already close to regulation and RWA tracks with banking backgrounds).

  2. Ambushing the RWA track: National trust banks issuing coins is fundamentally an explosion in asset tokenization (RWA). Pay attention to quality RWA concept coins on Binance (such as $ONDO, etc.), which is the most direct beneficiary sector.

  3. Watch out for withdrawal channels: With banks issuing stablecoins in compliance, future compliant withdrawal channels will be smoother. Everyone can pay more attention to those already applying for or obtaining licenses from the U.S. National Trust Bank and crypto-friendly institutions.

Conclusion:

This time, the CFTC is not 'regulating' us, but 'accepting' us. The moment national trust banks start issuing coins, cryptocurrency will no longer be a 'niche game' but a part of global finance.

With this wave of 'national teams' entering the market, are you ready to watch the show, or are you preparing to share a piece of the pie?