Key Insights:
- The latest stablecoin news focused on the ECB push against MiCA’s 60% deposit floor.
- Central banks warned that large reserve withdrawals could pressure commercial-bank liquidity.
- The Commission’s MiCA review could determine any formal rule revision.
The European Central Bank and EU national central banks pushed to rethink MiCA stablecoin reserve rules on Sept. 22. They targeted the 60% bank-deposit floor for large issuers, citing potential liquidity risks for commercial banks. The proposal favored a larger role for highly liquid, short-maturity assets.
The issue mattered because MiCA links stablecoin issuers directly to the banking system. European Central Bank research previously warned that reserve withdrawals could transmit stress from stablecoins to banks. The debate now sits inside the European Commission’s broader review of crypto regulations.
Stablecoin News Focuses on the MiCA Deposit Rule
The Markets in Crypto-Assets Regulation sets reserve requirements for asset-referenced and e-money tokens. Article 45 requires significant asset-referenced tokens to meet stricter liquidity standards.
The European Banking Authority must specify a deposit floor of at least 60% for referenced official currencies.
MiCA also applies a 30% deposit requirement to ordinary e-money token reserves. Article 54 requires issuers to keep that share in separate credit-institution accounts. Remaining funds can sit in secure, low-risk, and highly liquid instruments.
MiCA classifies tokens as significant when at least three statutory criteria are met. Those tests cover holders, market value, transaction activity, international use, and financial-system links. The European Banking Authority makes classification decisions for qualifying asset-referenced tokens. Article 56 applies the same significance criteria to e-money tokens.
The European Central Bank had already questioned the banking effects of these requirements. A June 2026 ECB speech said mandatory deposits could transmit stress between stablecoins and traditional banks. It cited sudden reserve withdrawals during stablecoin redemptions as one transmission channel.
That concern supported the latest push to reduce mandatory bank exposure. Central banks instead favored liquid reserve instruments maturing within one to five working days. The European Banking Authority already uses that maturity range in its MiCA liquidity standards.
MiCA Rules Can Only Shift Through the EU Review Process
The ECB and national central banks cannot rewrite MiCA reserve thresholds alone. The European Commission is conducting a formal review of the regulation in 2026. Its targeted consultation remains open until Sept. 30.
The Commission said the review would assess whether MiCA remains fit for purpose. It also said amendments could accompany its application report where warranted. Any formal rewrite would therefore move through the European Union’s legislative process.
The current framework remains binding while that process continues. MiCA became fully applicable across the bloc in December 2024. Stablecoin provisions had already started applying in June 2024.
The European Banking Authority’s existing technical standards also remain relevant. Those standards set liquidity parameters for stablecoin reserves. They cover short-maturity assets, deposit concentration, and reserve-management requirements.
Stablecoin News Raises Banking-System Questions
The ECB’s April 2026 macroprudential analysis showed the trade-off behind the rule. Bank deposits can provide issuers with immediate liquidity during redemptions. However, those reserves can expose banks to withdrawals when token holders exit quickly.
The ECB said significant e-money token issuers could meet redemptions using mandated deposit buffers. That structure could reduce forced sovereign-bond sales during a run. The same mechanism could transfer liquidity pressure toward banks holding those deposits.
The Commission also connected MiCA with broader European digital-finance policy. Its April paper said euro stablecoins could support payments and tokenized markets. MiCA still places prudential, governance, and reserve requirements around its issuance.
Any reduction in mandatory deposits would alter where reserve risk sits. More short-term securities could reduce direct exposure to bank funding. Issuers could then rely more heavily on market liquidity during large redemptions.
For issuers, that could affect reserve allocation, banking counterparties, and asset-duration policy. For banks, it could reduce concentrated deposits that may leave rapidly during redemption stress.
Stablecoin News: Market Focus Shifts to Sept. 30 MiCA Deadline
The next verified milestone is the Commission’s Sept. 30 consultation deadline. Public authorities, financial institutions, and crypto firms can submit responses before the consultation closes.
The Commission will use those responses to prepare its MiCA application report. It may attach a legislative proposal if officials support revisions. Until then, the 60% floor for significant tokens remains within MiCA’s current framework.
The reserve debate could reshape how Europe allocates stablecoin liquidity risk. The next formal signal should come through the Commission’s MiCA review process.
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