Interagency FAQs on Tokenized Securities Regulatory Capital

OCC Bulletins

Published March 5th, 2026

Detected March 13th, 2026

Summary

The OCC, Federal Reserve, and FDIC have issued FAQs clarifying the regulatory capital treatment of tokenized securities. The guidance states that the technology used for issuance and transaction does not alter capital treatment, and eligible tokenized securities conferring identical legal rights to their non-tokenized counterparts should be treated the same for capital purposes.

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What changed

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) have jointly issued Frequently Asked Questions (FAQs) to clarify the regulatory capital treatment of tokenized securities for banking organizations. The core message is that the underlying technology (e.g., blockchain, permissioned vs. permissionless) used to issue or transact in a security does not generally impact its regulatory capital treatment. An "eligible tokenized security," defined as one that confers legal rights identical to its non-tokenized form, should be treated for capital purposes in the same manner as its traditional counterpart. Furthermore, such eligible tokenized securities that meet the definition of "financial collateral" will be recognized as a credit risk mitigant, provided all other capital rule requirements are met.

These FAQs are critical for national banks, federal savings associations, and federal branches and agencies that have exposures to tokenized securities. Compliance officers should review the guidance to ensure their institution's capital calculations accurately reflect the treatment of tokenized assets. The guidance clarifies that existing capital rules apply, meaning no new capital requirements are introduced, but it provides essential interpretive clarity for applying those rules to novel digital asset forms. While no specific compliance deadline is mentioned, banks should ensure their internal policies and systems align with this clarification to avoid potential issues during examinations.

What to do next

Review the interagency FAQs on tokenized securities regulatory capital.
Ensure internal capital calculation policies and systems accurately reflect the treatment of eligible tokenized securities.
Consult with legal and compliance teams to confirm adherence to the guidance.

Source document (simplified)

OCC Bulletin 2026-7 | March 5, 2026

Regulatory Capital: Interagency FAQs on Tokenized Securities

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Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties

Summary

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve, and the Federal Deposit Insurance Corporation (collectively, the agencies) are issuing these frequently asked questions (FAQ) to clarify the regulatory capital treatment of tokenized securities.

Note for Community Banks

The interagency FAQs transmitted by this bulletin apply to all OCC-supervised banks 1 that have exposures to tokenized securities.

Highlights

The agencies are clarifying that the technologies used to issue and transact in a security do not generally impact its regulatory capital treatment. Additionally, the capital rule does not provide a different treatment based on the use of permissioned or permissionless blockchains.
A tokenized security that, under applicable law, confers legal rights identical to those of the non-tokenized form of the security (“eligible tokenized security”) 2 should be treated in the same manner for regulatory capital purposes as the non-tokenized form of the security would be treated.
An eligible tokenized security that satisfies the definition of “financial collateral” would qualify as financial collateral for purposes of 12 CFR 3.2 and be recognized by the banking organization as a credit risk mitigant if all the other relevant requirements in the capital rule are met.

Further Information

Please contact Margot Schwadron, Director, or Diana Wei, Risk Expert, Capital Policy, at (202) 649-6370 or David Stankiewicz, Director, Financial Technology, at (202) 649-7299

James M. Gallagher
Senior Deputy Comptroller and Chief National Bank Examiner