The SEC's move to reduce capital haircut from 100% to 2% for stablecoins marks a turning point for regulated financial institutions. By bringing haircut treatment in line with money market funds, the policy unlocks critical opportunities: firms can now deploy stablecoins for settlement operations, use them as collateral in transactions, and integrate tokenized assets into their workflows with significantly improved capital efficiency. Industry observers recognize this as a landmark 2026 regulatory milestone. However, practical adoption faces real hurdles. Success depends on resolving custody a