Circle urges MiCA changes as only 3 of top 30 stablecoins comply
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Circle asked EU policymakers to revisit MiCA’s stablecoin reserve and issuance rules as the Commission reviews the framework. The filing also pressed for more flexibility on reserves, continued cross-border issuance, and a recognition path for foreign-regulated stablecoins, while other responses in the consultation focused on extending the ban on stablecoin yields into lending, staking, and similar activities.
Key claims & sources
What it means
Stablecoin issuers and users in the EU are the main group affected tomorrow morning, because the consultation now has a live record of industry objections to MiCA’s reserve design and its treatment of cross-border issuance. The ECB and the Commission also have a clearer set of opposing positions in front of them, including the push to extend yield restrictions beyond direct payments to lending, staking and similar activity.
In practice, the debate is shifting from fixed bank-deposit thresholds toward more flexible reserve rules, and from a narrow EU-only setup toward recognition of stablecoins issued under other regimes. The current requirements remain in place for now, including the 30% and 60% deposit thresholds, so nothing in the filings changes the rulebook today.
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Has this happened before?
| When | What happened | Figure |
|---|---|---|
| 36 days ago | ESMA, the EU markets watchdog, wants stronger enforcement of EU crypto regulation event | 1 actors in common · 4 news media |
| 37 days ago | UK Financial Conduct Authority Formally Opens Crypto Authorisation Regime event | 1 actors in common · 14 news media |
| 37 days ago | A single market worth protecting: Getting the MiCA review right event | 1 actors in common · 3 news media |
| 37 days ago | AllUnity Is Launching MiCA-Regulated U.S. Dollar Stablecoin USDAU event | 1 actors in common · 6 news media |
| 38 days ago | Greece gets first MiCA entrants as watchdog denies Binance-Lagarde claim event | 1 actors in common · 5 news media |