Staff at the US Securities and Exchange Commission (SEC) clarified that broker-dealers may apply a 2% regulatory haircut to stablecoin holdings when calculating net capital, signaling a more accommodative stance toward digital dollar instruments. The guidance, issued through the Division of Trading and Markets’ crypto-related FAQ, indicates the agency would not object to treating stablecoins more similarly to low-risk cash equivalents rather than assigning a full 100% haircut.
The clarification reduces a key operational constraint for regulated intermediaries that previously faced uncertainty over whether stablecoins could meaningfully count toward regulatory capital buffers. Under the new interpretation, a broker-dealer holding $100 million in stablecoins could count approximately $98 million toward net capital requirements, improving balance sheet efficiency and potential engagement with tokenized assets and blockchain-based settlement rails.
The move comes amid broader institutional adoption of stablecoins and evolving US regulatory frameworks, including the GENIUS Act passed in 2025. While the stablecoin market capitalization has moderated from its late-2025 peak, it remains structurally significant, reinforcing its role in payments, tokenized securities, and on-chain liquidity. The clarification also intensifies competitive positioning between traditional financial infrastructure and blockchain-based settlement systems as regulatory clarity gradually lowers entry barriers for Wall Street firms.
