Crypto policy is moving from words to implementation as the OCC, FDIC and Federal Reserve begin to outline a regulatory perimeter for stablecoins and tokenized deposits in the US, Bank of America said in a Monday report.
The recent approvals and proposals mark the start of a multi-year transition that could drive more real-world assets and payments on-chain, analysts led by Ebrahim Poonawala said.
The OCC’s recent conditional approval of national trust bank charters for five digital asset companies is a significant step toward federal acceptance of stablecoins and cryptocurrency custody, the analysts wrote. According to analysts, the statutes open the door to digital asset activity within the regulated banking system, provided it is offered as a fiduciary service with strong liquidity, compliance and risk controls.
The FDIC is expected to release a notice of proposed rulemaking this week detailing how payment stablecoins issued by subsidiaries of FDIC-supervised banks may be approved, analysts noted. Those rules, required by the GENIUS Act, must be finalized in July 2026 and take effect in January 2027.
The report also highlighted comments from Federal Reserve officials indicating collaboration with other banking regulators on capital, liquidity and diversification standards for stablecoin issuers, as mandated by the GENIUS Act. Analysts link this to a broader global push, highlighting a recent Bank of England proposal for a regime governing systemic sterling stablecoins, including asset holding requirements and limits on exposures.
Tokenized deposits versus stablecoin
In terms of market structure, Bank of America highlighted Singapore-based JPMorgan and DBS, which are exploring an interoperable framework for the transfer of tokenized value across public, permissioned blockchains.
That work, which builds on JPMorgan’s JPMD tokenized deposit initiative, underscores a lively debate about whether tokenized deposits are a better alternative to stablecoins, according to the report.
Bank of America sees a plausible future in which transactions in bonds, stocks, money market funds and cross-border payments migrate on-chain, supported by new rules and institutional-grade infrastructure.
To prepare, banks will need not only blockchain proficiency but also a willingness to experiment with tokenized assets and on-chain settlement, the report adds.
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