According to reports, the acting chairman of the Federal Deposit Insurance Corporation (FDIC), which oversees the U.S. banking industry, is considering issuing guidance for tokenized deposit insurance and plans to initiate the application process related to stablecoins by the end of this year.
Travis Hill, the FDIC acting chairman who has frequently expressed optimism about tokenization, stated on Thursday at a fintech conference hosted by the Federal Reserve Bank of Philadelphia that regulators will ultimately issue guidance on tokenized deposit insurance.
The FDIC aims to protect the interests of depositors in the event of a bank failure, providing insurance protection for funds in insured bank accounts.
In an interview with Bloomberg, Hill said, "My long-standing view is that a deposit is a deposit. Whether it moves from the traditional financial system to the blockchain or distributed ledger world, its legal characteristics should not change."
This year, regulators and Wall Street have shown a strong interest in the tokenization of real-world assets (RWA).
A report by RedStone indicates that the total value of tokenized real-world assets, excluding stablecoins, has exceeded $24 billion in the first half of this year, with private credit and U.S. Treasury bonds dominating the market.
BlackRock, the world's largest asset management company, is one of the most influential participants in this field and launched a tokenized money market fund called BUIDL in 2024.
Meanwhile, according to Law360, Hill also announced that the agency is working on establishing a stablecoin issuance mechanism and expects to release a proposal for the related application process by the end of 2025, which is part of the rule-making responsibilities of the GENIUS Act.
He stated that it is currently unclear how many institutions would be interested in this, but FDIC staff are developing standards for stablecoin issuers regulated by the FDIC concerning capital requirements, reserve requirements, and risk management.
Stablecoins are also a high-growth area, with major banks around the world actively exploring this technology. As of Friday, the market capitalization of stablecoins was approximately $305 billion, according to data from blockchain analysis platform DefiLlama.
Related: The head of cryptocurrency exchange Kraken stated that they are not in a hurry to go public in the U.S.
Original: “U.S. Regulators Consider Guidance for Tokenized Deposit Insurance and Stablecoins”
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