Regulation22 September 2026

ECB wants to replace MiCA's 60% deposit rule for stablecoins

The ECB and national central banks want the fixed 30% and 60% deposit percentages for stablecoin reserves replaced with a liquidity test, and the interest ban extended to lending and staking. The consultation closes on 30 September 2026.

The European Central Bank and the EU's national central banks formally responded on 22 September to a targeted MiCA consultation. They want the fixed 30% and 60% deposit percentages for stablecoin reserves replaced with a maturity-based liquidity test, and the interest ban on stablecoins extended to lending and staking. The consultation closes on 30 September 2026.

What's on the table

Articles 45 and 54 of MiCA require issuers of significant asset-referenced tokens to hold at least 60% of their reserves in bank deposits, and ordinary e-money tokens at least 30%. The European System of Central Banks (ESCB) — the ECB plus the 27 national central banks — filed a response on 22 September proposing to replace these fixed percentages with a liquidity test: a minimum share of reserves redeemable within one working day, and a broader share within five working days. For significant tokens the ESCB names 40% within one working day; for other tokens, 20 to 40% within five days (source: Unchained, 22 September 2026). CryptoTimes independently confirms that the ESCB is asking the Commission to scrap the 60% deposit floor in favour of this kind of maturity bucket (source: CryptoTimes, 22 September 2026).

Why the central banks want this

The reasoning: a fixed deposit percentage concentrates reserves at individual banks, and a sudden wave of stablecoin redemptions could put those banks under immediate liquidity pressure. The ESCB warns that such "swings in stablecoin demand" could transmit stress from the stablecoin market into the banking system (source: Unchained, 22 September 2026).

Extending the interest ban to lending and staking too?

In a separate, 57-page response, the ESCB asks for the existing interest ban on stablecoins to be extended to crypto lending, borrowing and staking. The central banks argue the current ban is easy to circumvent: stablecoins are still made yield-bearing through lending, staking or other layered structures, via loyalty programmes, DeFi liquidity mining, rewards or fee reductions. The ESCB argues this should be judged by economic substance rather than the technology used, so it falls under existing banking law (source: Unchained, 22 September 2026).

What this means if you use euro stablecoins

This directly affects the euro stablecoins just getting off the ground under MiCA, such as the bank consortium behind Qivalis. A looser reserve requirement could give those issuers more room in how they invest their collateral; extending the interest ban to lending and staking would hit exactly the platforms where users currently get indirect yield on their stablecoin balances. This topic was already flagged in the broader MiCA review that was out for consultation this summer — the ECB's 22 September response is the central banks' first concrete position on it.

The catch: this is a proposal, not a decision

None of this is settled yet. The targeted consultation doesn't close until 30 September 2026, and the European Commission isn't expected to deliver a review report until mid-2027. From there, any legislative proposal would still have to go through the European Parliament and the Council. Anyone holding stablecoins on a European platform won't notice anything for now — but the direction the central banks are pushing in is clear.

Frequently asked questions

Does anything change right now for stablecoin reserve requirements?

No. This is the central banks' response to a consultation running until 30 September 2026; a decision is expected at the earliest by mid-2027.

What does the ECB propose instead of the fixed deposit percentages?

A liquidity test: part of the reserves must be redeemable within one working day, a broader part within five working days, instead of a fixed percentage held in bank deposits.

Does this also affect stablecoins like USDC I hold on a European platform?

Only if the issuer is authorised under MiCA. For euro stablecoins from European issuers, such as the Qivalis consortium, the effect is direct; for non-European dollar stablecoins it depends on how those issuers structure their EU reserves.

Why does the ECB also want to extend the interest ban to lending and staking?

Because platforms currently work around the interest ban by still giving stablecoins a yield through lending, staking, loyalty programmes or fee reductions — forms the ESCB says amount to the same thing as interest economically.

Sources, checked 23 September 2026:

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