Ripple has formally requested the U.S. Securities and Exchange Commission (SEC) to classify certain stablecoins as low-risk collateral with a 0% haircut under capital rules. The company argues that fully backed stablecoins, designed to maintain a stable value, should be treated similarly to cash rather than volatile crypto assets. This proposal is part of Ripple's broader push for clearer U.S. crypto regulations, particularly concerning payment stablecoins and tokenized assets. Additionally, Ripple seeks clarification on whether blockchain records can serve as legally recognized ownership registries for tokenized assets, challenging the traditional reliance on central registrars. This move comes as the tokenized real-world asset market has surged to approximately $33 billion, driven by major financial institutions like JPMorgan and BlackRock. Despite this growth, only about 10% of these assets are currently used as DeFi collateral, indicating the early stages of institutional tokenization.