SEC Tells Broker-Dealers Stablecoins Can Count Toward Net Capital

The US Securities and Exchange Commission (SEC) staff recently clarified that broker-dealers are permitted to apply only a 2% "haircut" to their stablecoin holdings when calculating net capital, removing previous uncertainty where a 100% haircut might have been required. This clarification, issued via a Frequently Asked Questions posting from the Division of Trading and Markets, allows broker-dealers to count $98 million of every $100 million in stablecoins toward their requirements, treating them similarly to low-risk money market funds. Commissioner Hester Peirce supported this, stating a 100% haircut was unnecessarily punitive, and noted that stablecoins are essential for transacting on blockchain rails, enabling broader business activities related to tokenized securities. Industry figures view this as a significant positive development, allowing Wall Street to utilize stablecoins without severely impacting capital ratios.

(Source：Cointelegraph)