SEC Cuts Stablecoin Haircut to 2%, But What Does it Mean?
The SEC reduced the capital haircut for payment stablecoins held by broker-dealers from 100% to 2%.Summary
The U.S. Securities and Exchange Commission (SEC) has issued guidance allowing broker-dealers to apply only a 2% "haircut" to proprietary positions in payment stablecoins when calculating net capital, a significant reduction from the previous punitive 100% requirement. This change effectively grants compliant stablecoins the same economic treatment as traditional money market funds, removing a major barrier to institutional crypto trading. The pivot is reportedly anchored in the newly passed GENIUS Act, which mandates strict 1:1 reserve backing and AML compliance for payment stablecoins. SEC Commissioner Hester Peirce noted these reserve requirements are stricter than those for government money market funds, justifying the reduced capital penalty. Industry leaders celebrated the move, stating it makes tokenized assets and on-chain settlement economically viable, pressuring broker-dealers to build stablecoin infrastructure to remain competitive.
(Source：BeInCrypto)