According to Foresight News , new guidance issued by the U.S. Securities and Exchange Commission's (SEC) Division of Trading and Markets states that "staff will not object" if brokers apply a 2% valuation discount to stablecoins in their proprietary trading positions. SEC Commissioner Hester Peirce stated that using stablecoins will enable brokers to conduct a wider range of business activities related to tokenized securities and other crypto assets.
DCG board member Tonya Evans stated that some brokers had previously offered discounts of up to 100% on stablecoins, making it unaffordable for them to hold them.
Foresight News notes that this discount refers to the fact that when an asset (bonds, stocks, government bonds, cryptocurrencies, etc.) is used as collateral for loans, repurchase agreements, margin trading, derivatives margin calls, etc., the lender (bank, central bank, clearinghouse, exchange, etc.) will not accept it at 100% of its current market value, but will instead apply a discount (deduct a certain percentage) and only recognize the lower value.
