The staff of the U.S. Securities and Exchange Commission (SEC) clarified that broker-dealers can apply a 2% "discount" to stablecoin holdings when calculating net capital, thereby narrowing a major gray area in compliance. This move effectively ends the previous punitive 100% discount, bringing the treatment of stablecoins closer to traditional low-risk assets like money market funds. At the time of this guidance, the total market capitalization of stablecoins in the U.S. was approximately $314 billion, and recent legislation has also promoted the adoption of stablecoins.