The SEC has issued new guidance allowing broker-dealers to apply a 2% haircut to proprietary positions in stablecoins when calculating collateral asset value, helping to reduce the discount requirements compared to previous practices.
According to the SEC’s Division of Trading and Markets, the agency will not oppose broker-dealers using a 2% haircut within the framework of customer asset protection rules. A haircut is the percentage reduction in asset value when used as collateral to reflect risk — the more volatile the asset, the higher the haircut. Previously, some brokerages applied up to 100% haircut on stablecoins.
Commissioner Hester Peirce stated that stablecoins are an important component of blockchain infrastructure transactions and can help broker-dealers expand activities related to tokenized securities and crypto assets.
Industry experts believe this change brings stablecoins closer to money market funds, thereby lowering barriers to integration into the traditional financial system and improving payment efficiency.
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