The financial oversight agency is taking a larger interest in cryptocurrency
The FDIC is preparing to take a more defined role in US crypto policy, with Acting Chair Travis Hill confirming that the agency is developing guidance for tokenized deposit insurance and a regulatory pathway for stablecoin issuers. Speaking at the Federal Reserve Bank of Philadelphia’s Fintech Conference, Hill emphasized that shifting deposits from traditional banking systems to blockchain rails should not alter their legal status. In his view, a deposit remains a deposit, regardless of the underlying technology.
Tokenization has become one of the most closely watched trends in finance, and regulators aren’t the only ones leaning in.
Major institutions and global banks continue to explore real-world asset (RWA) tokenization, a market that surpassed $24 billion in value during the first half of the year.
Much of that activity has been driven by tokenized private credit and US Treasury products. BlackRock’s launch of the BUIDL tokenized money market fund in 2024 further signaled that Wall Street sees long-term promise in the sector.
Alongside work on deposit-insurance rules, the FDIC is also crafting a framework for stablecoin oversight. Hill said the agency aims to release a proposal outlining an application process for FDIC-regulated stablecoin issuance by the end of 2025, part of its responsibilities under the recently passed GENIUS Act. The FDIC is evaluating potential requirements around capital, reserves, and overall risk management—key elements for any bank looking to enter the stablecoin market.
Stablecoins remain one of the fastest-growing segments of digital finance, with global circulating supply reaching roughly $305 billion, according to DefiLlama. As more institutions explore blockchain-based financial products, the FDIC’s upcoming guidance could play a pivotal role in shaping how tokenized assets and stablecoins integrate with the traditional banking system.
