SEC Reduces Stablecoin Haircuts to 2% for Broker-Dealers
According to the SEC’s Division of Trading & Markets, broker-dealers may apply a 2% haircut to eligible payment stablecoins, aligning treatment with money market funds and integrating the GENIUS Act framework into Rule 15c3-1 compliance.
Fact Check
The statement aligns closely with official information published on the SEC’s website. The referenced SEC.gov release, issued as a formal statement from Commissioner Peirce, explicitly notes that the SEC’s Division of Trading and Markets has confirmed via FAQ that broker-dealers may apply a 2% haircut for proprietary stablecoin positions under the net capital rule. This directly supports the claim that the SEC reduced the haircut applied to stablecoin holdings to 2%. The source is authoritative (published on SEC.gov), recent, and precise in its description of regulatory guidance, leaving little room for alternative interpretation. Given the credibility of the source and the match in content, the statement is very likely to be true.
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Summary
On February 19, 2026, the SEC’s Division of Trading & Markets issued guidance under Rule 15c3-1 allowing broker-dealers to apply a 2% haircut—rather than 100%—to eligible payment stablecoins with a ready market when computing net capital. The change enables 98% of qualifying holdings to count toward regulatory capital. Commissioner Hester Peirce said the update aligns stablecoins with money market fund treatment and helps bridge the GENIUS Act framework with existing SEC rules.
Terms & Concepts
- Payment Stablecoin: A fiat-pegged digital token intended for payments and settlement, designed to maintain a stable value (e.g., $1) on a 1:1 basis.
- Haircut: A regulatory discount applied to an asset’s value for net capital calculations to account for market and liquidity risk.
- Rule 15c3-1: The SEC’s net capital rule for broker-dealers, prescribing capital requirements and standardized haircuts on securities and similar assets.