- Ripple argues stablecoins merit a 0% haircut as they serve as stable collateral.
- Ripple asked for clarification if on-chain records qualify as legal ownership registries.
- RWA.xyz data shows that the tokenized RWA market has reached approximately $33 billion.
Ripple is pushing harder for clearer US crypto rules, sending new suggestions to the SEC’s Crypto Task Force about how payment stablecoins and tokenized assets should be handled under broker‑dealer regulations.
According to reports, Ripple is asking regulators to officially treat qualifying payment stablecoins as low‑risk collateral, with a 0% haircut under capital rules.
In traditional finance, a haircut is the discount that regulators or banks apply to collateral to factor in potential price swings and risk. For instance, highly volatile assets may receive large haircuts because their value can fluctuate sharply during market stress.
Ripple’s case mandates that some fully backed stablecoins should receive a 0% haircut because they’re designed to maintain a stable value and are increasingly used for settlement and collateral in digital finance.
The proposal is noteworthy because stablecoins are becoming a core part of institutional crypto. Ripple proposed that well‑regulated payment stablecoins be treated like cash, rather than risky crypto assets.
Another important issue raised by Ripple involves ownership records for tokenized assets. The company asked regulators to clarify whether on-chain blockchain records can legally serve as recognized ownership registries for tokenized assets.
Currently, most traditional finance systems still use central registrars and transfer agents to track ownership. Ripple’s proposal is basically asking regulators to recognize blockchain ledgers themselves as official, legally valid records.
Institutional Tokenization
Big financial firms such as JPMorgan or BlackRock have ramped up their tokenization efforts lately. Analysts are increasingly convinced that tokenized real‑world assets (RWAs) could be one of blockchain’s largest institutional use cases.
For instance, the tokenized RWA market on‑chain hit about $27.7 billion in April 2026, which is a roughly 300% jump from a year earlier. The surge was largely driven by companies such as BlackRock, JPMorgan, Franklin Templeton, Apollo, and KKR entering the sector.
By mid-May, RWA.xyz data shows that tokenized RWAs have reached approximately $33 billion.
Interestingly, a May 2026 report found that only around 10% of tokenized RWAs are actively being used as DeFi collateral. That suggests institutional tokenization is still in the early building phase, even though growth has been explosive.
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