The US Securities and Exchange Commission (SEC), in new guidance published on February 19, 2026, reduced the "haircut" ratio applied to capital calculations for payment stablecoins held on the balance sheets of broker-dealers from 100% to 2%. This decision ensures that stablecoins are treated similarly to money market funds. Previously, brokerage firms were required to allocate 100% capital when holding stablecoins, making their use economically impossible. With the new regulation, stablecoins can now be held on balance sheets without a significant capital burden. Exodus CEO Jon Paul Richardson describes this change as one of the most important crypto developments of the year. Although it hasn't received enough public attention, he states that the decision will accelerate the integration of stablecoins into institutional finance. According to Richardson:

Brokerage firms will be able to trade stablecoins without balance sheet pressure. Tokenized assets (treasury bills, stocks, bonds) will become more viable for on-chain exchange.
Stablecoin-based consensus systems will become widespread at the institutional level.
This step facilitates the implementation of the GENIUS Act.
Richardson emphasizes that the decision will increase competition and give institutions that quickly establish stablecoin infrastructure an advantage. Despite the current bear market, he states that the integration of traditional finance and crypto is quietly progressing, and that this is "the most positive bear market".
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