Circle has sent a letter to the U.S. Securities and Exchange Commission (SEC), urging it to treat regulated stablecoins as cash across securities markets. This move aims to expand USDC's institutional adoption and allow stablecoins to play a broader role in traditional finance.

Specifically, Circle is requesting that the SEC:
1. Recognize payment stablecoins meeting GENIUS Act standards as cash in securities fundraising.
2. Eliminate the 2% net capital deduction for broker-dealers holding qualifying stablecoins in their proprietary accounts.
3. Allow compliant payment stablecoins to satisfy customer reserve requirements under Rule 15c3-3.

Circle believes that the regulatory standards established by the GENIUS Act provide a strong basis for these requests.