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Pay in, pay out, virtual accounts, wallets, and crypto payments across 190+ countries.","Fin.com",false,"https://fin.com",{"_id":132,"_type":133,"_updatedAt":134,"body":135,"category":318,"coverImage":319,"excerpt":144,"featured":129,"noIndex":21,"publishedAt":320,"seoDescription":144,"seoTitle":321,"slug":322,"tags":323,"title":329},"7fba9c9e-6214-4dac-93e9-a1ef2ad70404","post","2026-03-19T10:32:05Z",[136,147,155,164,172,180,188,196,204,212,220,228,236,244,252,260,268,278,286,294,302,310],{"_key":137,"_type":138,"children":139,"markDefs":145,"style":146},"sh1","block",[140],{"_key":141,"_type":142,"marks":143,"text":144},"sh1s","span",[],"Three sentences in an FAQ changed the balance-sheet math for every broker-dealer holding stablecoins. Here's the translation.",[],"normal",{"_key":148,"_type":138,"children":149,"markDefs":154,"style":146},"sh2",[150],{"_key":151,"_type":142,"marks":152,"text":153},"sh2s",[],"On February 19, 2026, the SEC's Division of Trading and Markets added Question No. 5 to its Broker-Dealer Financial Responsibility FAQ. No press release. No rulemaking. Just a few lines that moved stablecoins from \"balance sheet liability\" to \"working capital\" for regulated financial institutions.",[],{"_key":156,"_type":138,"children":157,"markDefs":162,"style":163},"sh3",[158],{"_key":159,"_type":142,"marks":160,"text":161},"sh3s",[],"First: what a capital haircut actually is",[],"h2",{"_key":165,"_type":138,"children":166,"markDefs":171,"style":146},"sh4",[167],{"_key":168,"_type":142,"marks":169,"text":170},"sh4s",[],"When a broker-dealer calculates its net capital — the cushion it holds against obligations — it applies discounts (\"haircuts\") to the assets it's counting. The riskier or less liquid the asset, the steeper the haircut. A 100% haircut means the asset counts for nothing in your capital math. A 0% haircut means it counts at full face value.",[],{"_key":173,"_type":138,"children":174,"markDefs":179,"style":146},"sh5",[175],{"_key":176,"_type":142,"marks":177,"text":178},"sh5s",[],"Until last week, stablecoins had no explicit treatment. Many broker-dealers, out of caution, were applying a 100% haircut — meaning they needed to hold $2 million in other assets just to hold $1 million in stablecoins without impacting their capital ratios. In practice, this made stablecoin holdings a financial penalty.",[],{"_key":181,"_type":138,"children":182,"markDefs":187,"style":163},"sh6",[183],{"_key":184,"_type":142,"marks":185,"text":186},"sh6s",[],"What the guidance says",[],{"_key":189,"_type":138,"children":190,"markDefs":195,"style":146},"sh7",[191],{"_key":192,"_type":142,"marks":193,"text":194},"sh7s",[],"Broker-dealers can now apply a 2% haircut to qualifying payment stablecoin positions. That means $1 million in USDC allows $980,000 to count toward net capital.",[],{"_key":197,"_type":138,"children":198,"markDefs":203,"style":146},"sh8",[199],{"_key":200,"_type":142,"marks":201,"text":202},"sh8s",[],"Commissioner Hester Peirce's accompanying statement explained the logic plainly: a 2% haircut aligns with how registered money market funds are treated — vehicles that hold the same types of instruments (short-term Treasuries, cash, government securities) that back qualifying stablecoins. Treating a stablecoin like a speculative token was, in her words, \"unnecessarily punitive.\"",[],{"_key":205,"_type":138,"children":206,"markDefs":211,"style":163},"sh9",[207],{"_key":208,"_type":142,"marks":209,"text":210},"sh9s",[],"Not all stablecoins qualify",[],{"_key":213,"_type":138,"children":214,"markDefs":219,"style":146},"sh10",[215],{"_key":216,"_type":142,"marks":217,"text":218},"sh10s",[],"The guidance applies to a defined category of \"payment stablecoins\" — and the definition is specific. Currently, qualifying stablecoins must be issued by a state-regulated money transmitter, trust company, or national trust bank, backed by GENIUS Act-standard reserves, with a public redemption policy and monthly attestation from a registered accounting firm. After GENIUS Act regulations take full effect, the definition transitions to any stablecoin issued by a \"permitted payment stablecoin issuer\" under that legislation.",[],{"_key":221,"_type":138,"children":222,"markDefs":227,"style":146},"sh11",[223],{"_key":224,"_type":142,"marks":225,"text":226},"sh11s",[],"USDC likely qualifies. Many others may not. This guidance has just created a concrete compliance filter for institutions evaluating which stablecoins to hold.",[],{"_key":229,"_type":138,"children":230,"markDefs":235,"style":163},"sh12",[231],{"_key":232,"_type":142,"marks":233,"text":234},"sh12s",[],"What it unlocks",[],{"_key":237,"_type":138,"children":238,"markDefs":243,"style":146},"sh13",[239],{"_key":240,"_type":142,"marks":241,"text":242},"sh13s",[],"Three things change immediately for broker-dealers:",[],{"_key":245,"_type":138,"children":246,"markDefs":251,"style":146},"sh14",[247],{"_key":248,"_type":142,"marks":249,"text":250},"sh14s",[],"Settlement infrastructure. Stablecoins can now be held as operational liquidity for settling tokenized securities — without the capital drag that previously made this impractical.",[],{"_key":253,"_type":138,"children":254,"markDefs":259,"style":146},"sh15",[255],{"_key":256,"_type":142,"marks":257,"text":258},"sh15s",[],"Tokenized asset participation. Commissioner Peirce was explicit: this guidance is designed to make it \"feasible for broker-dealers to engage in a broader range of business activities relating to tokenized securities.\" The firms sitting on the sidelines of tokenized asset markets have one fewer reason to stay there.",[],{"_key":261,"_type":138,"children":262,"markDefs":267,"style":146},"sh16",[263],{"_key":264,"_type":142,"marks":265,"text":266},"sh16s",[],"Balance sheet management. For firms moving large dollar amounts on blockchain rails — FX, cross-border settlement, intraday liquidity — stablecoins can now function as working capital rather than an off-balance-sheet workaround.",[],{"_key":269,"_type":270,"alt":271,"asset":272,"caption":271,"height":275,"url":276,"width":277},"431aefcc1fd9","image","Three things broker-dealers can do now that they couldn't",{"_ref":273,"_type":274},"image-d09870483f98155cf8d3f0a0532c3d1beb021a92-3840x2160-png","reference",2160,"https://cdn.sanity.io/images/xemwqsar/production/d09870483f98155cf8d3f0a0532c3d1beb021a92-3840x2160.png",3840,{"_key":279,"_type":138,"children":280,"markDefs":285,"style":163},"sh17",[281],{"_key":282,"_type":142,"marks":283,"text":284},"sh17s",[],"The honest limits",[],{"_key":287,"_type":138,"children":288,"markDefs":293,"style":146},"sh18",[289],{"_key":290,"_type":142,"marks":291,"text":292},"sh18s",[],"This is FAQ guidance, not a rule. The current SEC leadership's view, not a formal regulation. Peirce herself noted she'd \"like to consider how Rule 15c3-1 could be amended\" to codify this treatment permanently — a hint that legislative backing is needed for durability.",[],{"_key":295,"_type":138,"children":296,"markDefs":301,"style":146},"sh19",[297],{"_key":298,"_type":142,"marks":299,"text":300},"sh19s",[],"It also applies to broker-dealers specifically, under their net capital rule. Banks operating under Basel III and Fed capital frameworks are governed separately. The full banking-system picture on stablecoin capital treatment is still being written.",[],{"_key":303,"_type":138,"children":304,"markDefs":309,"style":146},"sh20",[305],{"_key":306,"_type":142,"marks":307,"text":308},"sh20s",[],"The direction is clear. \"Regulated stablecoin\" is now a meaningful distinction — and institutions moving toward GENIUS Act-compliant instruments are positioning themselves ahead of a framework that is firming up fast.",[],{"_key":311,"_type":138,"children":312,"markDefs":317,"style":146},"sh21",[313],{"_key":314,"_type":142,"marks":315,"text":316},"sh21s",[],"Fin helps institutions and enterprises move value on stablecoin rails — compliantly, and without the complexity. fin.com →",[],"Regulation","https://cdn.sanity.io/images/xemwqsar/production/61169a379491d4e0ffbfbd24bc40102b984e2e4d-1584x672.jpg","2026-03-03T00:00:00Z","What the SEC's 2% Stablecoin Capital Haircut Actually Means for Banks — Fin","sec-stablecoin-capital-haircut",[324,325,326,327,328],"sec","regulation","stablecoins","broker-dealer","capital-requirements","What the SEC's 2% Stablecoin Capital Haircut Actually Means for Banks"]