Pretty big update from @HesterPeirce and the SEC today. Stablecoins can now be treated similar to money-market funds. TLDR: Broker-dealers can now apply only a 2% haircut on proprietary positions, instead of the conservative 100% haircut many were using out of caution. Why this matters: 1. Removes a major friction point for regulated broker-dealers holding stablecoins as part of their inventory or operations. Makes it much more capital efficient. 2. Makes it economically viable for institutions to custody, trade, and intermediate in stablecoins without massive capital penalties. 3. Lowers the barrier for deeper integration of stablecoins into traditional finance rails = better liquidity, more efficient settlement, and broader institutional on-ramps.