ECB, EU cenbanks seek changes in MiCA’s minimum bank deposit for stablecoins - TradingView

The European Central Bank and several national central banks within the EU are reportedly seeking changes to the MiCA framework's requirement that stablecoin issuers hold a minimum share of reserves as bank deposits. MiCA, the EU's Markets in Crypto-Assets regulation, sets reserve and custody rules for stablecoin issuers as part of its effort to standardise oversight across the bloc.

The reported push reflects a broader debate over how stablecoin reserves should be structured. Bank deposits offer direct access to central bank settlement and, in principle, stronger protection during periods of stress. At the same time, concentrating reserves at commercial banks ties stablecoin stability to the health of those institutions and can limit how reserves are managed.

For markets, the key point is regulatory rather than immediate. Any revision to MiCA's deposit rules could affect the cost structure and operating models of euro-denominated stablecoin issuers, and by extension the liquidity and design of products built on them. What to watch: whether the central banks' position translates into formal amendments, and how issuers adjust reserve composition in response.