The U.S. Securities and Exchange Commission (SEC) staff has issued a clarification allowing broker-dealers to apply a 2% haircut on stablecoin holdings when calculating net capital requirements. This means that for every $100 million in stablecoin holdings, $98 million can be counted towards net capital. Previously, broker-dealers were uncertain if they needed to apply a 100% haircut to dollar-pegged stablecoins, which would have excluded them from net capital calculations.