Circle wants SEC to erase a costly Wall Street rule holding stablecoins back

Circle is urging the US Securities and Exchange Commission (SEC) to treat regulated stablecoins like cash across securities markets, potentially expanding USDC's institutional adoption. The USDC issuer outlined its proposals in an Oct. 28 statement , following an Oct. 20 letter requesting changes to how qualifying stablecoins are treated in securities fundraising, brokerage capital calculations, and customer reserve accounts. The proposed changes could give stablecoins a broader role in traditional finance by allowing financial institutions to use them for activities currently governed by cash-specific requirements.