Summary
The European Central Bank and 27 EU member state central banks jointly called for revising MiCA's stablecoin reserve rules, which currently require issuers to hold 60% of reserves as bank deposits. Central banks argue the requirement creates liquidity risk for banks during rapid redemptions and sho…
Key points
- Reserve rules directly determine euro stablecoin issuers' asset allocation and redemption resilience, with knock-on effects on bank deposit structures.
- Core euro-area institutions jointly demanding a rewrite of MiCA reserve rules shows the risk link between stablecoins and the banking system has become a regulatory focus.
- Stablecoin issuers in the EU need to prepare to adjust reserve composition, banks must assess deposit source stability, and users may face changes in issuer asset structures.
Editorial note
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