Ripple’s RLUSD expands as SEC issues 2% Rule 15c3-1 haircut

TLDR

• SEC allows 2% haircut on broker-dealer payment stablecoin proprietary positions for net capital
• Stablecoins recognized at 98% fair value, easing prior full capital deductions
• Change issued as staff FAQ guidance, not formal rulemaking; refinements possible

Broker-dealers may now apply a 2% haircut to proprietary positions in payment stablecoins when calculating Rule 15c3-1 net capital, according to the U.S. Securities and Exchange Commission (sec.gov). This replaces older interpretations that effectively treated such positions as fully deducted for capital purposes.

Mechanically, the change means stablecoins can be recognized at 98% of fair value for net capital. A $100 million proprietary position that once counted as $0 toward capital can now contribute roughly $98 million, materially easing balance-sheet drag.

The update arrived as staff guidance via an FAQ rather than formal rulemaking. As a result, it clarifies supervisory expectations but does not amend the underlying rule text, leaving room for future refinements.

Why it matters for Ripple RLUSD and broker-dealers

The eased capital treatment can make payment stablecoins more practical in regulated workflows. Ripple RLUSD is positioned for institutional use, emphasizing a compliance-first design under New York State Department of Financial Services oversight, according to FXStreet’s coverage of Ripple executives (fxstreet.com).

Legal analysis has underscored that the shift is meaningful for operations but not a final rule change. “Even though the guidance doesn’t change underlying rules, it reduces compliance risk, especially for stablecoins used in settlement or tokenization,” said Sidley Austin LLP (sidley.com).

Liquidity depth supports adoption pathways. Ripple expanded RLUSD liquidity with a new $20 million mint on Ethereum, boosting active circulation, as reported by Blockonomi (blockonomi.com).

For broker-dealers, near-full capital recognition can facilitate same-day settlement, margin and collateral management, and tokenized asset flows without imposing the prior capital penalty. The operational effect is a reduction in capital friction for payment rails while risk management and control functions remain central.

Immediate impacts on Rule 15c3-1 net capital treatment

Under the guidance, proprietary payment stablecoin positions shift from a de facto 100% deduction to a 2% haircut. For example, a $50 million RLUSD position could add about $49 million to net capital, materially expanding capacity for trading and settlement tasks.

This recognition may improve intraday liquidity management and lower the cost of holding stablecoins for working capital. Firms should still assess redemption, concentration, and liquidity risks, and align supervisory procedures with the interpretive nature of the staff FAQ.

At the time of this writing, XRP traded near $1.44, based on data from Nasdaq (nasdaq.com).