ECB Pushes to Scrap MiCA’s 60% Stablecoin Bank Deposit Rule
Europe’s central banks have asked Brussels to remove MiCA’s rule that requires large stablecoin issuers to keep 60% of reserves in commercial banks. Tether had previously declined to pursue an EU license over the same clause, and the ECB’s review of MiCA is where the request has now been raised.
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What it means
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Stablecoin issuers and commercial banks are the immediate groups touched by this proposal, because the rule under review determines where large reserve pools must sit. If the requirement is removed, the placement of those reserves would no longer be fixed by that bank-deposit floor, and that would change what central banks and issuers have to work with tomorrow morning. (per beincrypto.com)
What changes in practice is the reserve mix under MiCA: the current 60% bank-deposit floor would be replaced by a stronger focus on highly liquid assets. What does not change is that reserves would still exist and still be part of the discussion around stablecoin oversight; only the specific storage rule is the point under review.
Market reaction
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BeInCrypto
context
Has this happened before?
Nothing comparable yet.