From 100% to 2%
You know what’s more powerful than a 1,000-page regulation? A two-page FAQ.On February 19, the SEC’s Division of Trading and Markets quietly dropped guidance that slashes the capital charge on stablecoins from 100% to 2% for broker-dealers. That’s the same haircut as money market funds. This makes stablecoins near-cash working capital and it might be the single most important regulatory shift for Wall Street in 2026.
Feb 23, 2026
•
5 min read