The US Securities and Exchange Commission (SEC) has clarified how broker-dealers may treat certain dollar-backed stablecoins under its long-standing net capital rule, in a move that lowers a key regulatory barrier to institutional stablecoin activity.
SEC Signals 2% Capital Haircut for Payment Stablecoins, Easing Broker-Dealer Friction
23 February 2026 - 10:42 CET
By Sandmark staff
In a 19 Feb update to its Frequently Asked Questions on crypto asset activities, SEC staff said they would not object if a broker-dealer applies a 2% haircut to proprietary positions in qualifying payment stablecoins when calculating net capital.
Net capital rule
The net capital rule is rather technical. It requires broker-dealers to maintain sufficient liquid capital by applying percentage 'haircuts' to proprietary assets to reflect market risk. In practice, some firms had treated stablecoins conservatively, in some cases effectively applying a 100% deduction because of uncertainty over whether they had a 'ready market'. The SEC staff’s statement indicates that certain payment stablecoins may be treated as marketable instruments, allowing roughly 98% of their value to count toward regulatory capital calculations.
Although the FAQ is staff guidance and does not amend the rule itself, the signal is significant for market structure. By clarifying that eligible payment stablecoins may receive a modest 2% haircut, the SEC reduces capital friction for firms using digital dollars for liquidity, settlement or tokenized securities activity.
Peirce: stablecoins are essential
SEC Commissioner Hester Peirce, who has led several crypto-focused initiatives at the agency, said in a statement that stablecoins are essential to transacting on blockchain rails and described the haircut approach as a more proportionate way to reflect their risk profile. Peirce also noted that the Commission is considering whether broader rulemaking may eventually be appropriate to address digital assets more explicitly within the broker-dealer framework.
The clarification comes as stablecoins sit at the centre of US legislative and regulatory debates. Policymakers have been working to formalize reserve, disclosure and supervisory standards for dollar-backed tokens, and regulators have faced pressure from industry participants to integrate stablecoins into traditional financial plumbing without imposing prohibitive capital costs.
