stablecoins

🚨 O schimbare liniștită, dar importantă, are loc în reglementarea criptomonedelor din SUA.
Ghidul recent al personalului SEC sugerează că brokerii-dealeri ar putea fi capabili să trateze anumite stablecoins de plată calificate mai favorabil în contabilitatea lor, folosind o tăiere de capital mult mai ușoară decât cea cu care multe firme lucrau efectiv înainte. Asta poate suna tehnic, dar impactul este simplu: poate face utilizarea instituțională a stablecoins conforme mai practică.
Pentru RLUSD de la Ripple, acest lucru contează.
Dacă tratamentul capitalului devine mai puțin restrictiv pentru brokerii-dealeri, stablecoins precum RLUSD ar putea deveni mai ușor de integrat în tranzacțiile reale, trezorerie și fluxurile de decontare. Aceasta nu înseamnă automat o adoptare instantanee în masă, dar reduce unul dintre punctele de fricțiune care a încetinit participarea instituțională.

The U.S. Securities and Exchange Commission introduced a major shift in how broker-dealers can treat certain stablecoins on their balance sheets.

Key Takeaways
SEC allows a 2% capital haircut for qualifying payment stablecoinsPrevious treatment often applied a 100% haircutOnly stablecoins meeting strict reserve, transparency, and regulatory standards qualifyPotential liquidity boost for major broker-dealersCould accelerate institutional adoption of tokenized securities and digital assets
In updated guidance from the Division of Trading and Markets, the regulator signaled it would allow firms to apply a far lighter capital charge to qualifying “payment stablecoins.”
The move could free up billions in regulatory capital and reshape how traditional financial institutions interact with dollar-backed digital assets.
The 2% Haircut Rule Changes the Game
Under the updated FAQ, broker-dealers calculating net capital under Exchange Act Rule 15c3-1 may apply just a 2% haircut to proprietary positions in eligible payment stablecoins.
Previously, many firms applied a 100% haircut - effectively treating stablecoin holdings as worthless for capital purposes. That conservative approach severely limited their practical use on broker balance sheets.
With the new framework, firms can count 98% of a qualifying stablecoin’s market value toward working capital. The 2% rate mirrors the treatment of money market funds, which typically hold low-risk assets such as short-term U.S. Treasuries.
Strict Criteria for Eligibility
Not all stablecoins qualify. The SEC staff outlined specific “ready market” conditions that must be met.
To receive the favorable 2% treatment, a stablecoin must:Maintain 1:1 backing with high-quality liquid assets such as cash and short-term TreasuriesProvide regular audited reserve reports and monthly attestationsBe issued by a state-regulated money transmitter, state trust company, or national trust bankOffer clear and enforceable redemption rights to holders
Industry analysis suggests that USDC could meet these requirements, while Tether’s USDT may not currently satisfy all of the stated conditions.Liquidity Surge for Wall Street
The capital relief could materially change how major broker-dealers approach stablecoins. Firms such as Robinhood and Goldman Sachs may now deploy stablecoin holdings far more efficiently, potentially unlocking significant liquidity across trading desks.
Commissioner Hester Peirce indicated that the updated treatment may also support broader engagement with tokenized securities and other blockchain-based financial instruments. Lower capital friction makes it more feasible for traditional brokers to expand into digital asset infrastructure without penalizing their balance sheets.
Regulatory Backdrop
The guidance arrives shortly after the passage of the GENIUS Act, signaling a broader shift in Washington toward structured stablecoin oversight rather than outright restriction.
Taken together, the policy change suggests regulators are beginning to differentiate between fully backed, transparent payment stablecoins and higher-risk crypto assets. If adoption accelerates, the 2% haircut framework could become a cornerstone of how digital dollars integrate into mainstream brokerage operations.
#Stablecoins

🚨 Schimbare Majoră de Reglementare: SEC reduce discountul de capital pentru stablecoin-uri la 2% — De ce contează

Comisia pentru Valori Mobiliare și Burse din SUA (SEC) a făcut o mișcare care ar putea remodela modul în care stablecoin-urile sunt adoptate în finanțele tradiționale.

Pe 19 februarie, SEC a permis firmelor de brokeraj să aplice doar un discount de capital de 2% pentru stablecoin-urile conforme — în scădere de la 100% anterior.

Cu alte cuvinte: deținerea de dolari digitali pentru reglementările blockchain nu mai blochează capitalul așa cum se întâmpla înainte.

📉 Ce se schimbă de fapt?