On February 19, 2025, the SEC's Division of Trading & Markets issued guidance enabling broker-dealers to apply a 2% net capital haircut, rather than a 100% deduction, on eligible payment stablecoins. Commissioner Hester Peirce endorsed the change, noting it aligns stablecoin treatment with money market fund standards and bridges the GENIUS Act framework with SEC rules. The policy applies to USD-denominated stablecoins issued by regulated money transmitters or trust banks that meet reserve, disclosure, and attestation criteria. This update facilitates integration of stablecoins into broker-dealer operations, including custody, settlement, and tokenized securities.