The U.S. Securities and Exchange Commission (SEC) has issued guidance stating that stablecoins pegged to the U.S. dollar are not considered securities. The guidance specifies that these stablecoins must maintain a stable value one-to-one with the dollar, be redeemable for USD on a one-to-one basis, and be backed by low-risk, liquid assets that exceed the value of the stablecoins in circulation. However, the SEC has not addressed the status of yield-bearing stablecoins or algorithmic stablecoins, leaving some ambiguity in this area. The SEC's conclusion suggests that certain dollar-pegged stablecoins do not involve the offer and sale of securities, which could have significant implications for the regulation of these digital assets moving forward.

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