US SEC relaxes capital rules! Holding stablecoins now only requires a 2% discount—what are the benefits for brokerages?

SEC explicitly allows broker-dealers to hold US dollar stablecoins with only a 2% capital discount, equivalent to being integrated into mainstream asset frameworks, strengthening the on-chain US dollar position.

SEC relaxes capital calculation rules, stablecoins only require a 2% discount

Last week, the U.S. Securities and Exchange Commission (SEC) issued a Frequently Asked Questions (FAQ) document through its Trading and Markets division, clearly stating that broker-dealers can apply a 2% “haircut” to their holdings of US dollar-pegged stablecoins.

Image source: SEC SEC issues FAQ document, clearly stating that broker-dealers can apply a 2% “haircut” to their holdings of US dollar-pegged stablecoins

Previously, the market was uncertain whether broker-dealers had to apply a 100% discount to stablecoins, meaning they would be completely excluded from net capital calculations. Now, the explanation at the SEC staff level signals a loosening, allowing stablecoins to receive treatment similar to money market funds within the regulatory capital framework. For example, holding $100 million in stablecoins with a 2% discount would only deduct $2 million, leaving $98 million countable toward net capital, significantly less restrictive than the extreme 100% discount approach.

SEC Commissioner Hester Peirce also publicly stated that applying a 100% discount to payment stablecoins is too harsh and does not reflect the nature of their backing reserves.

Wall Street capital pressure eases, stablecoins incorporated into mainstream assets

SEC regulations require broker-dealers to maintain minimum net capital levels to withstand market volatility and potential losses. The new guidance means broker-dealers can hold stablecoins without significantly increasing capital costs and incorporate them into daily operations.

Marc Baumann, CEO of crypto intelligence firm 51, said on LinkedIn that this is a major turning point—Wall Street can finally hold and use stablecoins without disrupting capital ratios.

Market interpretation suggests this will help broker-dealers participate more in tokenized securities and on-chain financial activities, reducing regulatory hurdles for stablecoins within traditional finance. Following the establishment of a federal stablecoin regulatory framework under the GENIUS Act, SEC’s clarifications are seen as concrete progress on implementation.

Stablecoin market cap reaches $295 billion, policy benefits continue to unfold

According to RWA.xyz data, the total market cap of stablecoins is currently about $296.1 billion. Although slightly below the peak of over $300 billion in December 2025, it has shown steady growth since 2023.

Image source: RWA.xyz The total market cap of stablecoins is currently about $296.1 billion

When President Trump signed the GENIUS Act in July 2025, the stablecoin market cap was approximately $252 billion. After the bill’s passage, capital inflows accelerated significantly. The market generally views stablecoins as an important on-chain extension of the US dollar, supporting crypto trading and reinforcing the dollar’s dominant position in the global digital asset market.

Federal Reserve officials remain skeptical, policy disagreements emerge

Despite the gradually clarifying regulatory environment, some officials remain cautious about the practical use of stablecoins. Neel Kashkari, President of the Minneapolis Federal Reserve, recently questioned publicly whether existing payment tools like Venmo, PayPal, or Zelle already fulfill transfer functions, and what actual innovation stablecoins bring.

Further reading
Federal Reserve officials criticize: Stablecoins’ advantages do not surpass existing systems; crypto applications are nonsense

This commentary reflects ongoing policy disagreements about the role of stablecoins. On one hand, regulators are gradually integrating stablecoins into the mainstream financial system through capital rules and legislation; on the other hand, some central bank officials remain cautious about their use cases and risks. Under the dual influence of regulatory easing and market expansion, stablecoins have shifted from being a side player in crypto to an essential part of financial infrastructure.