Crypto policy is shifting from talk to implementation as the OCC, FDIC and Federal Reserve begin to sketch a regulatory perimeter for stablecoins and tokenized deposits in the U.S., Bank of America said in a Monday report.

Recent approvals and proposals mark the start of a multi-year transition that could push more real-world assets and payments onchain, the analysts led by Ebrahim Poonawala said.

The OCC’s recent conditional approval of national trust bank charters for five digital-asset firms is a meaningful step toward federal acceptance of stablecoins and crypto custody, analysts wrote. The charters open the door for digital-asset activity inside the regulated banking system, provided it is offered as a fiduciary service with strong liquidity, compliance and risk controls, according to the analysts.

The FDIC is expected to release a notice of proposed rulemaking this week detailing how payment stablecoins issued by subsidiaries of FDIC-supervised banks can be approved, the analysts noted. Those rules, required under the GENIUS Act, must be finalized by July 2026 and take effect by January 2027.

The report also highlighted comments from Federal Reserve officials indicating collaboration with other bank regulators on capital, liquidity, and diversification standards for stablecoin issuers, as mandated by the GENIUS Act. The analysts link this to a broader global push, highlighting a recent Bank of England proposal for a regime governing sterling systemic stablecoins, including asset-holding requirements and caps on exposures.

Tokenized deposits vs. stablecoin

On the market-structure side, Bank of America highlighted JPMorgan and Singapore-based DBS, which are exploring an interoperable framework for tokenized value transfer across public and permissioned blockchains.

That work, building on JPMorgan’s JPMD tokenized deposit initiative, underscores a live debate over whether tokenized deposits are a better alternative to stablecoins, the report said.

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 fluency in blockchain but a willingness to experiment with tokenized assets and on-chain settlement, the report added.

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