Fed, FDIC and OCC Say Tokenized Securities Face Same Bank Capital Rules as Traditional Securities

The Federal Reserve, together with the FDIC and OCC, issued an FAQ clarifying that banks must apply the same regulatory capital treatment to tokenized securities as to traditional securities. Regulators emphasized a technology-neutral approach: whether issued or traded on permissioned or permissionless blockchains, tokenized securities that confer the same legal rights and share the same risk profile as conventional securities should be subject to identical capital calculations, haircuts, and eligibility as financial collateral. The guidance reinforces earlier SEC guidance that tokenized securities are subject to federal securities laws, including registration and disclosure obligations. Market estimates cited place the tokenized real-world asset (RWA) market at roughly $26.25 billion globally, with tokenized public equities near $1.1 billion. For traders, the clarification reduces regulatory uncertainty and removes a potential capital-cost penalty for banks handling tokenized assets. This may accelerate institutional issuance of RWAs, increase on-chain liquidity, and raise demand for custody, settlement, and infrastructure services — factors that can influence volumes and trading opportunities in tokens tied to RWA infrastructure. Key keywords: tokenized securities, bank capital rules, RWA tokenization, regulatory clarity, financial collateral.