SEC Guidance Turns USD Stablecoins Into Tradable Cash Equivalents

• SEC allows broker-dealers to treat eligible USD stablecoins as ready market assets with a 2% haircut.
• SEC staff guidance classifies certain USD stablecoins as cash equivalents for net capital calculations.
• Broker-dealers can apply a 2% haircut to USD-pegged stablecoins when meeting net capital rules.

SEC Guidance Turns USD Stablecoins Into Tradable Cash Equivalents after new clarification from the U.S. Securities and Exchange Commission’s Division of Trading and Markets.

The staff issued updated guidance allowing broker-dealers to treat eligible USD-pegged payment stablecoins as having a “ready market” under the Net Capital Rule. The approach permits firms to apply a 2% haircut when calculating net capital.

SEC Staff Defines Capital Treatment for Stablecoins

The clarification appears in a newly added FAQ under the Commission’s crypto asset guidance. It addresses how broker-dealers should calculate net capital for proprietary positions in payment stablecoins. The response is dated February 19, 2026.

According to the staff, it will not object if a broker-dealer treats a proprietary position in a payment stablecoin as having a ready market under Rule 15c3-1. This designation allows the asset to be treated similarly to certain liquid instruments. Broker-dealers may apply a 2% haircut to the market value of the greater of the long or short position.

The guidance applies to eligible USD-pegged payment stablecoins. The haircut is used in determining compliance with minimum net capital requirements. The staff statement forms part of broader FAQs related to crypto asset activities.

How the Net Capital Rule Applies

Rule 15c3-1, known as the Net Capital Rule, sets financial responsibility standards for broker-dealers. Firms must maintain liquid assets and deduct prescribed haircuts from proprietary positions. These deductions aim to account for potential market risk.

Assets considered to have a ready market generally receive lower haircuts. The staff’s clarification places certain payment stablecoins within this framework. This treatment aligns them with other liquid financial instruments for capital calculation purposes.

The document states that the guidance reflects the views of the Division of Trading and Markets. It is not a rule or regulation of the Commission. The Commission has neither approved nor disapproved the staff’s responses.

Broader Regulatory Context for Crypto Assets

The FAQ update appears alongside other responses concerning broker-dealer custody and crypto asset securities. Earlier guidance addressed control requirements under Rule 15c3-3. Those responses focused on safeguarding customer assets and maintaining possession or control.

The staff reiterated that its statements carry no legal force. They do not amend existing rules and do not create new obligations. Broker-dealers remain responsible for compliance with federal securities laws.

The inclusion of payment stablecoins in the Net Capital Rule guidance reflects ongoing regulatory engagement with digital assets. Broker-dealers may now reference the 2% haircut framework when holding eligible USD-pegged stablecoins as proprietary positions.

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