Ripple Demands 0% Haircut on Stablecoins, Submits Technical Proposal to SEC

On May 22, 2026, Ripple submitted a formal letter to the SEC Crypto Task Force proposing a 0% capital haircut for qualifying payment stablecoins under broker-dealer net capital rules, down from the current 2% standard. The company argued the existing haircut is mathematically disproportionate and backed the proposal with statistical analysis comparing price volatility across stablecoins and U.S. Treasuries.

Ripple's five-year analysis showed RLUSD with a daily standard deviation of 0.0418%, USDC at 0.0156%, and 3-month constant maturity U.S. Treasuries at 0.00496%. Based on these figures, Ripple calculated that a 2% haircut represents a 47.85 standard deviation move, occurring with a probability of roughly 1 in 10^499. Ripple's proposal applies the 0% haircut where a direct mint-burn relationship exists between the broker-dealer and stablecoin issuer, arguing redemption at par eliminates secondary market price risk.