ECB Proposed Changing MiCA Rule that Led Tether to Forgo License

• The MiCA rule that prompted Tether to отказаться from obtaining an EU license may be revised.
• The ECB spoke out against a key stablecoin requirement in the regulation.
• In particular, the ESCB put forward an alternative proposal.

The European Central Bank (ECB) and the national central banks of EU countries have proposed revising MiCA’s stablecoin reserve requirements, Reuters reports. Regulators want to scrap the rule requiring issuers to hold 30% of reserves in bank deposits, and 60% for significant issuers, because a sharp outflow of such funds during mass token redemptions could put additional pressure on banks. 

Instead, the ESCB proposes focusing on asset liquidity and setting a minimum share of reserves that must be available via assets maturing within one and five business days.

Why the ECB Wants to Change MiCA Rules

The ESCB, which includes the ECB and 27 national central banks, submitted its proposals as part of a European Commission consultation on revising MiCA. Regulators believe stablecoin issuers’ deposits may be less stable than traditional retail deposits and could leave banks quickly if conditions in the crypto market deteriorate.

“If reserves are held as bank deposits, stablecoins can alter banks’ funding structures by replacing relatively stable retail deposits with deposits from stablecoin issuers, which tend to be less stable and more sensitive to market conditions,” the central banks’ document says.

The ESCB also pointed to “significant difficulties” in ensuring MiCA compliance. Despite the June 2026 deadline to obtain a license or wind down operations in the EU, some non-compliant crypto companies continue to serve European users, creating risks for investor protection.

Tether Previously Criticized This Requirement

The position of Europe’s central banks partly echoes the arguments of Tether CEO Paolo Ardoino, who back in 2024 criticized the bank-deposit requirement and continues to stand by his view. 

The company behind USDT did not apply for a MiCA license, and Ardoino linked this, among other things, to the requirement to keep up to 60% of reserves in banks.

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He previously explained that this model could create systemic risk for stablecoin holders if there are problems in the banking system, calling the rules “very dangerous for stablecoins.” 

In his public comments, Ardoino said that “when MiCA becomes safer for consumers and stablecoin issuers,” the company could then revisit this decision.

At the same time, the proposed changes have not yet been adopted. The EU consultation process is ongoing, and the current 30% and 60% reserve requirements remain part of MiCA unless and until legislative changes are introduced.

Сообщение ECB Proposed Changing MiCA Rule that Led Tether to Forgo License появились сначала на INCRYPTED.