Catenaa, Monday, February 23, 2026- The US Securities and Exchange Commission issued new guidance permitting broker-dealers to apply a 2% capital “haircut” to certain proprietary stablecoin holdings, easing capital requirements and advancing integration of digital assets into traditional finance.
The guidance, released by the SEC’s Division of Trading and Markets, addresses broker obligations under customer protection rules that require firms to safeguard client assets and maintain adequate capital buffers.
Staff said they would not object if a broker-dealer applies a 2% haircut to proprietary positions in qualifying stablecoins. A haircut is a percentage reduction applied to assets used as collateral to account for risk.
Previously, some brokers applied haircuts as high as 100% to stablecoins, effectively discouraging their use on balance sheets. Market participants said the 2% threshold aligns payment stablecoins more closely with money market funds, which hold US Treasuries, cash and short-term government securities.
SEC Commissioner Hester Peirce said stablecoins are central to blockchain-based transactions and could expand broker participation in tokenized securities and other crypto assets.
Industry executives said the move lowers barriers for institutional adoption and may improve liquidity and settlement efficiency.
The update follows broader SEC efforts to address digital asset custody and tokenization, as well as implementation of the federal GENIUS law establishing a regulatory framework for stablecoins.
Analysts said the guidance marks another step toward harmonizing crypto capital treatment with established financial standards.
