# SEC staff states that described reserve-backed payment stablecoins are not securities

> Corporation Finance staff stated that offers and sales of stablecoins meeting the statement’s reserve, redemption, marketing, and non-yield characteristics do not involve securities.

- URL: https://riadefi.com/regulation/2025-04-04-sec-covered-stablecoins-staff-statement/
- Posture: Official signal · nonbinding
- Authorities: SEC Division of Corporation Finance
- Event date: 2025-04-04
- Version: 1, published 2026-08-07 (first published 2026-08-07)
- Advisor-relevant: no

This entry records an official signal, such as a speech or a statement. It does not change the law.

## What changed

Corporation Finance staff stated that offers and sales of stablecoins meeting the statement’s reserve, redemption, marketing, and non-yield characteristics do not involve securities. The statement is nonbinding and does not cover algorithmic, yield-bearing, under-reserved, or differently marketed products.

## Who it affects

- Advisers using stablecoins in client cash, settlement, or DeFi workflows
- Stablecoin issuers, custodians, platforms, and payment providers

## What is still open

- Treatment of stablecoins outside the described facts
- Interaction with the later-enacted GENIUS Act and implementing rules

## What it means for an advisor

- Create product-level controls for reserve quality, redemption, issuer, jurisdiction, and yield features
- Avoid applying the statement categorically to every asset called a stablecoin

## Previous interpretation

SEC staff had not supplied this current fact pattern for distinguishing described payment stablecoins from securities.

## Sources

1. [Statement on Stablecoins](https://www.sec.gov/newsroom/speeches-statements/statement-stablecoins-040425) · SEC Division of Corporation Finance · 2025-04-04


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.