The US Securities and Exchange Commission (SEC) has paved the way for Wall Street to integrate stablecoins into traditional finance. On February 19, the financial regulator issued guidance allowing broker-dealers to apply a 2% “haircut” to positions in payment stablecoins. A haircut is the percentage of an asset’s value that a financial institution cannot count toward its deployable capital, acting as a customer-protection buffer against market risk. SEC Stablecoin Pivot Pressures Brokers to Build Crypto Rails Previously, broker-dealers faced a punitive 100% haircut on stablecoins
source: https://beincrypto.com/sec-new-stablecoins-ruling-for-broker-market/