When stablecoins are no longer regulated as "100% risk assets" but are only discounted by 2%—
Are they still a tool in the crypto space, or are they becoming the "new cash" on Wall Street?
Over the past few years, stablecoins have existed in an extremely awkward position.
On-chain, they are treated as "dollars";
In the eyes of regulators, they are almost regarded as "zero credit assets".
For broker-dealers, stablecoins previously had to be discounted at 100% for capital usage—
This means:
Even if you hold USDC or USDT, they are essentially equivalent to a "high-risk exposure".
The result is straightforward:
Whether institutions use stablecoins is not a technical issue, but a capital efficiency issue.
Now, a statement from the U.S. Securities and Exchange Commission is quietly changing this dividing line.
—Stablecoins are allowed to be treated with a 2% discount,
Aligning them with money market funds under the same regulatory logic.
This is not a "minor adjustment" but a signal-level event.
What does it mean?
First, stablecoins are officially recognized for the first time as having "cash-like properties".
Not just verbal acknowledgment, but recognition written into capital rules.
Second, the calculation formula for institutions has completely changed:
Using stablecoins ≠ consuming a large amount of capital
Using stablecoins ≈ increasing settlement and capital allocation efficiency
Third, this step is not for DeFi, but for the on-chain migration of traditional finance.
Don't misunderstand—
Regulators are not "watering down the crypto market",
But are paving the way for institutional funds to go on-chain in advance.
The real question has never been:
"Will stablecoins be used by more people?"
But rather:
At the moment stablecoins are treated as cash,
How much of a settlement layer advantage does traditional finance still have?
If cash can flow, settle, reconcile, and clear natively on-chain—
Then the meaning of banks, clearinghouses, and cross-border channels will be re-priced.
So this is not a favorable development for stablecoins,
But a technical upgrade test for the dollar system.
The market is still discussing prices, narratives, and short-term sentiments.
But the real long-term variable has quietly been inked in the regulatory text.
#稳定币 #监管拐点 #SEC #机构资金