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Door Remote - 22 Sep 2026
Their position echoes a dispute that was at the center of the debate over the Clarity Act in the U.S. Eight U.S. banking groups urged senators to tighten the bill’s restrictions on stablecoin rewards, claiming that crypto platforms could otherwise offer interest-like returns that compete with bank deposits. The Clarity Act failed a 49-50 procedural vote, in which ethics provisions also played an important role.
The ECB said stablecoins can be “transformed into yield-bearing arrangements through lending, staking or other layered structures,” potentially circumventing the prohibition on direct remuneration. EU rules should prevent that outcome, it said.
The central banks also proposed removing MiCA’s requirement that stablecoin issuers hold part of their reserves as bank deposits, arguing that the rule could expose lenders to sudden withdrawals during a run. Under current rules, stablecoin issuers must hold at least 30% of reserves as deposits at credit institutions. The requirement rises to 60% for stablecoins designated as significant under MiCA.
The ESCB said the minimum deposit requirement should be replaced with rules requiring stablecoin issuers to hold specified portions of reserves maturing in 1-5 working days.
The proposal would shift the focus from where stablecoin reserves are held to how quickly they can be turned into cash. The ESCB said large stablecoin deposits can become an unstable source of bank funding, leaving lenders exposed if an issuer needs to withdraw funds quickly to meet redemptions.
The ECB said stablecoins can be “transformed into yield-bearing arrangements through lending, staking or other layered structures,” potentially circumventing the prohibition on direct remuneration. EU rules should prevent that outcome, it said.
The central banks also proposed removing MiCA’s requirement that stablecoin issuers hold part of their reserves as bank deposits, arguing that the rule could expose lenders to sudden withdrawals during a run. Under current rules, stablecoin issuers must hold at least 30% of reserves as deposits at credit institutions. The requirement rises to 60% for stablecoins designated as significant under MiCA.
The ESCB said the minimum deposit requirement should be replaced with rules requiring stablecoin issuers to hold specified portions of reserves maturing in 1-5 working days.
The proposal would shift the focus from where stablecoin reserves are held to how quickly they can be turned into cash. The ESCB said large stablecoin deposits can become an unstable source of bank funding, leaving lenders exposed if an issuer needs to withdraw funds quickly to meet redemptions.