The US SEC clarifies the net capital calculation standards for payment-type stablecoins: a 2% discount rate applies to proprietary trading positions.

On February 19, the U.S. Securities and Exchange Commission (SEC) updated its Q&A regarding Rule 15c3-1 (Net Capital Rule) on its website, clarifying the haircut treatment for broker-dealers when calculating net capital for proprietary payment stablecoin positions. The Q&A states that if a broker-dealer considers its proprietary payment stablecoin holdings to have a "ready market" under Rule 15c3-1, it can apply a 2% haircut based on the greater of the market value of its long or short proprietary positions when calculating net capital. SEC staff will not object to this treatment. Hester Peirce, Chair of the SEC's Cryptocurrency Working Group, subsequently issued a statement supporting this treatment. He emphasized that stablecoins are a crucial infrastructure for blockchain payments and transactions, and proper capital treatment helps broker-dealers utilize stablecoins more effectively in custody, settlement, and tokenized securities-related businesses. She believes that compared to the 100% discount that some brokers might offer out of caution, a 2% discount is more in line with the reserve backing of payment-type stablecoins, which is mainly based on the US dollar and high-quality short-term assets.