SEC makes quiet shift to brokers' stablecoin holdings that may pack big results

The securities regulator has continued its Project Crypto work to make unofficial policy changes as it moved to let broker-dealers treat stablecoins as capital. What to know : The addition of a few lines in a frequently-asked-questions page on the U.S. Securities and Exchange Commission website may open up the use of stablecoins in capital calculations for U.S. broker-dealers. The agency is instructing brokers that they need only give their stablecoins a 2% haircut when calculating how much they can be used as regulatory capital.