Key players include the IMF leading the cautious, permissioned approach; US regulators (Federal Reserve, OCC, FDIC) enabling banks to treat tokenized securities on permissionless blockchains equivalently to traditional ones (March 2026 confirmation) and SEC's no-action letter to DTC for minting on such infrastructure; institutions like BlackRock (BUIDL fund >$1.7B AUM), JPMorgan Chase, Goldman Sachs, Securitize, and Ondo Finance driving $24.9-36B on-chain tokenization market (66% YTD growth, $300B with stablecoins).[1][2] The Basel Committee is reviewing its 1250% risk weighting on permissionless chains.[2][6]
This follows rapid RWA growth since early 2026 amid US permissionless advances clashing with IMF's preference for controllable, auditable systems over decentralized volatility.[1][2][9] Newsworthy now due to tokenization's scale—led by $10.8B in tokenized US Treasuries—spotlighting tensions between innovation (US/open ledgers) and stability (IMF/permissioned), as global regulators debate harmonization to avert fragmentation.[1][2][5]