The U.S. SEC clarifies that broker-dealers holding stablecoins can count them as net capital at a 2% discount

Deep Tide TechFlow News, February 23 — According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) Division of Trading and Markets released a FAQ last week, clarifying that they do not oppose broker-dealers applying a 2% discount to their holdings of stablecoins, meaning that for every $100 million in stablecoins held, $98 million can be counted toward net capital requirements. Previously, broker-dealers generally applied a 100% discount to stablecoins, which meant that such holdings could not be included in net capital, severely limiting institutional participation in stablecoin activities.

SEC Commissioner Hester Peirce expressed approval of this, stating that a 100% discount is too strict for payment stablecoins backed by reserves, and pointed out that stablecoins are an important foundation for broker-dealers to expand into tokenized securities and other crypto asset businesses. Crypto intelligence firm 51 CEO Marc Baumann said this clarification is “significant,” allowing Wall Street institutions to hold and use stablecoins without compromising capital ratios.

On a broader macroeconomic level, the total market capitalization of stablecoins in the U.S. is currently about $295 billion, slightly down from the peak in December 2025. U.S. President Trump signed the GENIUS Act in July 2025, establishing a federal regulatory framework for stablecoin issuers.