The SEC is requiring more Treasury transactions to pass through a central clearinghouse, a change that will affect stablecoin issuers when converting their reserves into dollars for redemptions. The new rules, with deadlines set for Dec. 31 for outright purchases and sales and June 30, 2027, for repurchase agreements, could improve dealer capacity through multilateral netting while leaving some actors facing higher access and collateral costs. A DTCC survey shows that 79% of netting members had the necessary account setups, but only about a third planned to offer Treasury cash clearing to clients. Treasury-backed stablecoin holders will only benefit from these new rules if the transformation of securities into payments becomes more reliable at a cost issuers can support.
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