ECB and EU central banks reportedly seek to scrap MiCA’s 60% bank-deposit rule for stablecoins

CoinDesk, citing Reuters, reports that the ECB and the European central bank system recommend scrapping MiCA’s requirement to hold 60% of stablecoin reserves in bank deposits. Coin Bureau says the banks argue that volatile stablecoin flows could expose lenders to sudden deposit withdrawals. According to Coin Bureau, they want major stablecoin issuers to face no minimum bank-deposit requirement and hold more reserves in highly liquid assets maturing within one to five working days.