The U.S. Securities and Exchange Commission (SEC) has clarified that broker-dealers can apply a 2% haircut on stablecoin holdings for net capital calculations, rather than a full 100% deduction. This guidance, part of the SEC's FAQ on crypto asset activities, positions stablecoins closer to cash-equivalents, potentially facilitating broader participation in tokenized securities and related crypto activities. Commissioner Hester Peirce supported the move, noting that a 100% haircut would be excessively punitive given the reserves backing stablecoins. The SEC's decision reflects ongoing regulatory adjustments as stablecoins gain traction in U.S. markets. By treating stablecoins like money-market instruments, broker-dealers can now allocate a portion of their stablecoin holdings toward capital requirements with less impact on liquidity. This change could enhance the use of stablecoins in settlement and collateralization processes, accelerating blockchain adoption in regulated financial environments.