Table of Contents
Researcher
\[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (2026.02.17~03.01)*
Written by Moyed
1. [News] A Single FAQ Addition Elevates Stablecoins to 'Working Capital' Status
Source: SEC makes quiet shift to brokers' stablecoin holdings
The U.S. Securities and Exchange Commission (SEC) has issued guidance allowing broker-dealers to treat stablecoin holdings as regulatory capital. According to a new Question No. 5 added to the SEC's "Broker-Dealer Financial Responsibilities" FAQ, broker-dealers need only apply a 2% haircut to dollar-pegged stablecoins such as USDC and USDT. Compared to the previous de facto 100% haircut that effectively excluded stablecoins from capital calculations, firms can now count 98% of their stablecoin holdings toward regulatory capital.
The implications are significant. Digital Chamber CEO Cody Carbone noted that "while this guidance does not create new rules, it helps reduce uncertainty for firms seeking to operate compliantly under current securities laws." Digital Currency Group board member Tonya Evans analyzed that "stablecoins are now treated like money market funds on a firm's balance sheet." This change applies to all SEC-registered broker-dealers, from Robinhood to Goldman Sachs, making tokenized securities custody, trade intermediation, and liquidity provision economically viable.
However, this guidance is staff-level informal direction, not formal rulemaking. SEC Commissioner Hester Peirce stated she wants to consider how existing rules "could be amended to account for payment stablecoins," but informal guidance is as easy to reverse as it is to issue. The industry is pushing for congressional legislation, such as last year's GENIUS Act, to codify the policy into law.
2. [Commentary] 'Capital Recognition' as a Game Changer: The Divergence from Asia's Regulatory Approach
The SEC's move may be just a single FAQ addition in form, but in substance it fundamentally alters stablecoins' standing within U.S. securities infrastructure. The key is 'capital recognition.' For broker-dealers, having stablecoins recognized as regulatory capital means holding them is no longer a financial penalty but a business tool. Entry barriers to tokenized securities custody, on-chain settlement intermediation, and liquidity provision—areas firms had hesitated to enter due to 'capital inefficiency'—have been significantly lowered.
Comparing this with Asia's approach reveals an interesting divergence. Asian jurisdictions—Japan, Hong Kong, Singapore—have primarily focused on 'issuer-side regulation,' concentrating regulatory energy on determining who can issue stablecoins and under what conditions. Hong Kong requires issuers to maintain HK$25 million in paid-up capital and liquid capital exceeding 12 months of operating expenses. Japan has established a bank-issuance model through its revised Payment Services Act. The SEC's move, by contrast, is 'user-side regulation'—easing capital rules for financial institutions that hold and utilize stablecoins. The difference lies in which side of the equation gets unlocked first: the issuer side or the user side.
This divergence carries meaningful implications. By first removing barriers to broker-dealers' stablecoin utilization, the U.S. has created an environment where existing financial institutions can participate in the tokenized asset market even before issuer regulation is finalized. If Japan is following a sequential path of issuance followed by utilization, the U.S. is opening up the utilization environment first and letting issuer regulation follow. For South Korea, both models are worth studying. Rather than getting bogged down in issuer debates alone, there is value in concurrently exploring a capital regulatory framework that enables financial institutions to practically utilize stablecoins.
The author of this report may have personal holdings or financial interests in assets or tokens discussed herein. However, the author affirms that no transactions have conducted using material non-public information obtained in the course of research or drafting. This report is intended solely for general information purposes and does not constitute legal, business, investment, or tax advice. It should not be used as a basis for making any investment decisions or as guidance for accounting, legal, or tax matters. Any references to specific assets or securities are made for informational purposes only and should not be construed as an offer, solicitation, or recommendation to invest. The opinions expressed herein are those of the author and may not reflect the views of any affiliated institutions, organizations, or individuals. The opinions and analyses expressed herein are subject to change without prior notice. In addition, beyond the individual disclosures included in each report, Four Pillars, may hold existing or prospective investments in some of the assets or protocols discussed herein. Furthermore, FP Validated, a division of Four Pillars, may already be operating as a node in certain networks or protocols discussed herein or may do so in the future. Please see here for FP Validated’s participating network disclosures and here for broader disclosure details.
