ECB seeks tighter MiCA rules to block indirect stablecoin yields and protect bank deposits
Summary
The European System of Central Banks urged the EU to strengthen MiCA’s ban on stablecoin rewards, covering indirect returns from lending, borrowing and staking. It warned these products could blur the distinction between e-money and bank deposits and evade restrictions on remuneration. The banks also proposed replacing MiCA’s minimum bank-deposit reserve rules—currently 30% for most stablecoins and 60% for significant ones—with requirements for reserves to mature within specified short periods. They said large stablecoin deposits could leave banks vulnerable to sudden withdrawals, and cited draft EBA standards for reserve liquidity as a model.
