Bank and market infrastructure charters plus early institutional tokenized securities and RWA moves

In 2026, the financial infrastructure is undergoing a significant transformation driven by widespread efforts from banks, fintechs, and exchanges to secure charters and regulatory approvals that facilitate the handling of tokenized securities and crypto assets. This evolving regulatory landscape is paving the way for mainstream institutional participation in digital assets, with recent developments indicating a shift towards more integrated and compliant systems.

Banks, Fintechs, and Exchanges Seeking Regulatory Charters

Major financial institutions and technology firms are actively pursuing charters and licenses to operate legally within this new paradigm:

• Revolut has filed for a U.S. bank charter in its second attempt, aiming to operate under a unified federal regulatory framework across all 50 states. Such a license would enable Revolut to expand its offerings in digital assets and traditional banking seamlessly.
• NYSE parent ICE has invested in crypto exchange OKX at a valuation of approximately $25 billion, signaling strong institutional interest in tokenized stocks and digital asset trading platforms.
• Kraken has made a landmark move by securing a Federal Reserve master account, granting access to the $4 trillion daily payment network. This integration allows for faster fiat onboarding and real-time settlement, bridging crypto and traditional banking systems.
• Nasdaq has partnered with Kraken to develop a gateway for tokenized stocks and digital securities, facilitating global access to on-chain equity trading.
• Citi has expanded its crypto division, emphasizing its strategic focus on digital assets, while firms like SoFi are supporting their stablecoin initiatives through partnerships with infrastructure providers like BitGo.

Simultaneously, the regulatory environment is becoming clearer. The US regulators, including the OCC, Federal Reserve, and FDIC, have jointly clarified that tokenized securities are subject to the same capital rules as traditional securities, removing many legal uncertainties. The CLARITY Act negotiations and joint FAQs now permit banks to custody and tokenize securities without additional capital charges, fostering broader institutional involvement.

Institutional Moves in Tokenized Securities and RWAs

The momentum extends beyond mere licensing; institutions are actively developing and participating in tokenized real-world assets (RWAs) and early institutional securities initiatives:

• RWA tokenization is expanding rapidly, with an estimated $3.4 trillion worth of assets—sovereign bonds, real estate, commodities, infrastructure—being digitized on blockchain platforms. This shift promises enhanced transparency, liquidity, and efficiency by reducing settlement times from days to seconds.
• Platforms like Ondo and 1inch report RWA volumes exceeding $2.5 billion, including tokenized U.S. Treasuries, real estate, and infrastructure assets.
• Standard Chartered projects that demand for tokenized U.S. Treasuries could surpass $1 trillion by 2028, driven by blockchain-enabled instant settlement and collateralization.
• Canton and similar platforms are emphasizing large-scale digitization of bonds, equities, and commodities, aiming to digitize trillions of dollars and significantly improve settlement speed and market access.

Supporting Infrastructure and Risks

The infrastructure underpinning this ecosystem relies heavily on decentralized oracles such as Chainlink, which supply reliable data feeds vital for smart contract execution and ensuring regulatory compliance. This technological backbone is crucial for maintaining trustworthiness and resilience, particularly as large-scale RWAs are integrated into digital markets.

However, these advancements are not without risks. Industry experts like Stani.eth of Aave caution that over-collateralization with RWAs could lead to liquidity crunches within DeFi protocols if not managed properly. Furthermore, exit liquidity channels through large RWA transactions could pose systemic vulnerabilities if not carefully regulated and monitored.

Broader Ecosystem Developments

Additional initiatives further reinforce this trend:

• Kraken’s partnership with Nasdaq enhances bank-Fed integration, supporting institutional-grade settlement.
• Ripple is advancing efforts to integrate XRP into settlement rails, promoting interoperability across different ledgers and creating more reliable cross-border payment systems.
• Regulatory advancements in Hong Kong, Europe, and North America** are fostering institutional confidence, encouraging innovation while maintaining systemic safety.

Conclusion

The convergence of regulatory clarity, institutional charters, and technological infrastructure is propelling stablecoins and RWA tokenization into the core of the financial ecosystem. These developments are driving a more efficient, transparent, and resilient global financial system, capable of handling trillions of dollars in daily transactions and expanding access to previously illiquid assets.

While challenges remain—particularly concerning systemic risks and regulatory divergence—the current trajectory suggests a future where digital assets are integral to mainstream finance, fundamentally transforming how assets are issued, traded, and settled worldwide. The ongoing efforts by banks, fintechs, and regulators signal a new era of borderless, inclusive digital finance powered by tokenized securities and innovative settlement infrastructures.