TechFlow News, February 23: According to Cointelegraph, last week the U.S. Securities and Exchange Commission’s (SEC) Division of Trading and Markets released a set of frequently asked questions (FAQs), explicitly stating it does not object to broker-dealers applying a 2% haircut to stablecoins they hold—meaning that for every $100 million in stablecoins held, broker-dealers may count $98 million toward their net capital requirements. Previously, broker-dealers generally applied a 100% haircut to stablecoins, rendering such holdings ineligible for inclusion in net capital calculations and severely constraining institutional participation in stablecoin-related businesses.
SEC Commissioner Hester Peirce endorsed this development, noting that a 100% haircut is overly stringent for payment-oriented stablecoins backed by reserve assets, and emphasized that stablecoins serve as a critical foundation for broker-dealers expanding into tokenized securities and other crypto-asset businesses. Marc Baumann, CEO of crypto intelligence firm 51, called this clarification “highly significant,” adding that Wall Street institutions can now hold and utilize stablecoins without compromising their capital ratios.
In a broader context, the total market capitalization of the U.S. stablecoin market currently stands at approximately $295 billion, slightly down from its peak in December 2025. In July 2025, U.S. President Trump signed the GENIUS Act, establishing a federal regulatory framework for stablecoin issuers.
