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Through its Division of Trading and Markets, the U.S. Securities and Exchange Commission (SEC) released updated guidelines on the treatment of payment stablecoins under the broker-dealer net capital rule (Exchange Act Rule 15c3-1) on February 19, 2026. The crew stated that it would not oppose broker-dealers applying only a 2% discount on proprietary positions in eligible payment stablecoins when estimating net capital, down drastically from the de facto 100% haircut many businesses had been using out of caution. This change enables businesses to regard these holdings similarly to low-risk money market funds supported by U.S. Treasuries and cash equivalents, including 98% of their value toward their required capital reserves. Leading the agency's Crypto Task Force, Commissioner Hester Peirce endorsed the plan in her remark "Cutting by Two Would Do," arguing that the earlier punitive approach was unnecessary given the excellent reserves supporting compliant stablecoins.
Payment stablecoins have to satisfy demanding requirements, including 1:1 backup with high-quality liquid assets (like short-term U.S. Treasuries), frequent audited reserve reports, unambiguous and quick redemption rights at par, and supervision under the federal structure established by the GENIUS Act of 2025 in order to be eligible for the preferential 2% haircut. Leading examples like USDC and other comparable compliant issuers (e.g., USD1 references) are poised to profit; non-qualifying or less aggressively supported stablecoins may still experience greater deductions or exclusion. This compatibility with the harsher reserve criteria of the GENIUS Act than those of conventional money market funds highlights the regulatory focus on transparency and safety.
For broker-dealers involved in cryptocurrency trading, custody, and settlement, the change is anticipated to release billions in locked-up capital, therefore improving capital efficiency, tightening spreads, quickening on-chain processes, and thúc better institutional adoption of stablecoins. Under the present administration, it fits into bigger U.S. initiatives aimed at properly integrating digital assets while minimizing risks like issuer solvency through increased supervision. Although some leftover worries about focus and cyber threats persist, the move marks a significant stride toward mainstreaming stablecoins in governed finance, so lowering costs and increasing market depth.
