[U.S. SEC Clarifies Brokers Can Apply a 2% Discount for Stablecoins in Net Capital Calculations] The U.S. Securities and Exchange Commission (SEC) Division of Trading and Markets has issued a FAQ clarifying that brokers holding stablecoins can apply a 2% discount when calculating net capital. For example, holding $100 million in stablecoins can be counted as $98 million in net capital. SEC Commissioner Hester Peirce believes that a 100% discount is overly harsh for payment stablecoins backed by reserve assets and pointed out that stablecoins are a critical foundation for brokers to expand tokenized securities and crypto asset businesses. Marc Baumann, CEO of crypto intelligence firm 51, stated that this move is significant, as the total market capitalization of the U.S. stablecoin market is approximately $295 billion. U.S. President Trump signed the 'GENIUS Act' in July 2025, establishing a federal regulatory framework.