6 hours ago
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Key Takeaways
- Significant issuers face a 60% deposit requirement.
- Redemptions can rapidly remove bank funding.
- Deposits also prevent forced bond sales.
- The ECB prefers short-maturity reserve assets.
- No MiCA rule has changed yet.
The ECB wants MiCA’s deposit rule reconsidered
The European Central Bank and the EU’s 27 national central banks oppose requiring stablecoin issuers to keep a fixed share of their reserves in bank deposits, Reuters reported on September 22.
They instead want a minimum share of reserves held in assets that mature within one to five working days. The proposal addresses how quickly issuers can turn their reserves into cash without making them dependent on large, immediately withdrawable bank balances.
Under the current Markets in Crypto-As...
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