stablecoins

🚨 A quiet but important shift is happening in U.S. crypto regulation.
Recent SEC staff guidance suggests broker-dealers may be able to treat certain qualifying payment stablecoins more favorably on their books, using a much lighter capital haircut than what many firms were effectively working with before. That may sound technical, but the impact is simple: it can make institutional use of compliant stablecoins more practical.
For Ripple’s RLUSD, this matters.
If capital treatment becomes less restrictive for broker-dealers, stablecoins like RLUSD could become easier to integrate into real trading, treasury, and settlement flows. That does not automatically mean instant mass adoption, but it does reduce one of the friction points that has slowed institutional participation.
The bigger story is not just RLUSD alone. It is the direction of travel.
Regulators appear to be drawing clearer lines around how compliant stablecoins can fit into financial infrastructure. And when that happens, institutions usually pay closer attention, especially where efficiency, settlement speed, and balance sheet treatment are involved.
That said, one thing is important to keep in mind: this is staff-level guidance, not a full SEC rule rewrite. So it is better viewed as a meaningful signal than a final destination.
Still, signals matter.
And right now, the signal looks constructive for institutional stablecoin adoption — with RLUSD positioned to benefit from that shift.

The U.S. Securities and Exchange Commission introduced a major shift in how broker-dealers can treat certain stablecoins on their balance sheets.

Key Takeaways
SEC allows a 2% capital haircut for qualifying payment stablecoinsPrevious treatment often applied a 100% haircutOnly stablecoins meeting strict reserve, transparency, and regulatory standards qualifyPotential liquidity boost for major broker-dealersCould accelerate institutional adoption of tokenized securities and digital assets
In updated guidance from the Division of Trading and Markets, the regulator signaled it would allow firms to apply a far lighter capital charge to qualifying “payment stablecoins.”
The move could free up billions in regulatory capital and reshape how traditional financial institutions interact with dollar-backed digital assets.
The 2% Haircut Rule Changes the Game
Under the updated FAQ, broker-dealers calculating net capital under Exchange Act Rule 15c3-1 may apply just a 2% haircut to proprietary positions in eligible payment stablecoins.
Previously, many firms applied a 100% haircut - effectively treating stablecoin holdings as worthless for capital purposes. That conservative approach severely limited their practical use on broker balance sheets.
With the new framework, firms can count 98% of a qualifying stablecoin’s market value toward working capital. The 2% rate mirrors the treatment of money market funds, which typically hold low-risk assets such as short-term U.S. Treasuries.
Strict Criteria for Eligibility
Not all stablecoins qualify. The SEC staff outlined specific “ready market” conditions that must be met.
To receive the favorable 2% treatment, a stablecoin must:Maintain 1:1 backing with high-quality liquid assets such as cash and short-term TreasuriesProvide regular audited reserve reports and monthly attestationsBe issued by a state-regulated money transmitter, state trust company, or national trust bankOffer clear and enforceable redemption rights to holders
Industry analysis suggests that USDC could meet these requirements, while Tether’s USDT may not currently satisfy all of the stated conditions.Liquidity Surge for Wall Street
The capital relief could materially change how major broker-dealers approach stablecoins. Firms such as Robinhood and Goldman Sachs may now deploy stablecoin holdings far more efficiently, potentially unlocking significant liquidity across trading desks.
Commissioner Hester Peirce indicated that the updated treatment may also support broader engagement with tokenized securities and other blockchain-based financial instruments. Lower capital friction makes it more feasible for traditional brokers to expand into digital asset infrastructure without penalizing their balance sheets.
Regulatory Backdrop
The guidance arrives shortly after the passage of the GENIUS Act, signaling a broader shift in Washington toward structured stablecoin oversight rather than outright restriction.
Taken together, the policy change suggests regulators are beginning to differentiate between fully backed, transparent payment stablecoins and higher-risk crypto assets. If adoption accelerates, the 2% haircut framework could become a cornerstone of how digital dollars integrate into mainstream brokerage operations.
#Stablecoins