ECB, EU cenbanks seek changes in MiCA’s minimum bank deposit for stablecoins
ECB and EU central banks want MiCA to replace mandatory bank-deposit reserve rules for stablecoins with liquidity-based requirements. The current rule requires at least 30% of reserves, or 60% for significant stablecoins, to be held as bank deposits. The ESCB says this links issuers too closely to banks and could trigger liquidity stress if a stablecoin run forces rapid withdrawals. Instead, it supports minimum liquidity thresholds for reserve assets maturing within one and five working days, with overnight repos and short-term sovereign bonds as possible eligible instruments. The ESCB cited draft EBA rules setting similar liquidity thresholds for significant and non-significant stablecoins. It also warned that MiCA enforcement remains difficult because non-compliant crypto firms can still reach EU customers.
