SEC staff clarified that broker-dealers can use a 2% “haircut” on stablecoin holdings, allowing them to count $98 million toward net capital requirements. Commissioner Hester Peirce called the 100% haircut “unnecessarily punitive.” This clarification opens doors for broker-dealers to engage in tokenized securities and other crypto assets.

Stablecoin market cap in the US fell by $6 billion from its peak but still stands at $295 billion. President Trump signed the GENIUS stablecoin bill into law in July 2025, boosting the market cap to over $252 billion. Despite the surge, Neel Kashkari of the Federal Reserve Bank of Minneapolis doubts the real use cases of stablecoins.

Read more at Cointelegraph: SEC Tells Broker-Dealers Stablecoins Can Count Toward Net Capital