Agencies Clarify Capital Treatment of Tokenized Securities

FDIC Press Releases

Published March 5th, 2026

Detected March 12th, 2026

Summary

The FDIC, Federal Reserve Board, and OCC have jointly issued Frequently Asked Questions to clarify the capital treatment of tokenized securities. The guidance confirms that eligible tokenized securities generally receive the same capital treatment as their non-tokenized counterparts and that the capital rule is technology-neutral.

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What changed

The federal bank regulatory agencies (FDIC, Federal Reserve Board, and OCC) have jointly released answers to frequently asked questions (FAQs) clarifying the capital treatment of tokenized securities. The guidance confirms that tokenized securities, where ownership rights are represented using distributed ledger technology, should generally receive the same capital treatment as the non-tokenized form of the security under existing capital rules. It also emphasizes that the capital rule is technology-neutral, meaning the underlying technology does not typically impact capital treatment.

Banks holding tokenized securities are reminded to apply sound risk management practices and comply with all applicable laws and regulations. While this FAQ clarifies existing treatment rather than introducing new requirements, regulated entities should ensure their internal policies and risk management frameworks adequately address the use of tokenized securities and align with the principles outlined in the guidance.

What to do next

Review FAQ for clarity on capital treatment of tokenized securities
Ensure risk management practices and compliance with laws and regulations are applied to tokenized securities exposures

Source document (simplified)

Agencies Clarify the Capital Treatment of Tokenized Securities

Joint Release

Federal Deposit Insurance Corporation
Federal Reserve Board
Office of the Comptroller of the Currency

March 5, 2026 WASHINGTON –The federal bank regulatory agencies today jointly issued answers to frequently asked questions to clarify the capital treatment of tokenized securities.

A security is often referred to as “tokenized” when ownership rights in the security are represented using distributed ledger technology. The answers to the frequently asked questions clarify that an eligible tokenized security should generally receive the same capital treatment as the non-tokenized form of the security under the capital rule. The agencies also clarified that the capital rule is technology neutral, and the technologies used to issue and transact in a security do not generally impact its capital treatment.

As with any exposure, banks holding tokenized securities must apply sound risk management practices and comply with applicable laws and regulations.

Attachment(s)

Frequently Asked Questions Regarding the Capital Treatment of Tokenized Securities

Contact(s)

FDIC: Brian Sullivan, (202)-412-1436 FRB: Meg Badenhorst, (202) 452-2955 OCC: Stephanie Collins, (202) 649-6870
Last Updated: March 5, 2026