ECB Wants EU to Scrap MiCA’s 60% Stablecoin Reserve Rule - CryptoRank

The European Central Bank is reportedly pushing EU lawmakers to remove a key provision of the Markets in Crypto-Assets (MiCA) framework: the rule capping stablecoin reserves held in non-euro currencies at 60%. Under MiCA, issuers of euro-denominated stablecoins must keep at least 60% of their reserves in euro-denominated assets, a requirement designed to limit exposure to foreign currencies, chiefly the US dollar.

The ECB's position reflects a broader concern about dollar dominance in digital finance. If euro stablecoins are backed largely by dollar assets, the argument goes, the euro's role as a settlement unit could weaken even as on-chain activity grows. Removing the 60% threshold would give issuers more flexibility in how reserves are composed, potentially lowering compliance costs and making euro stablecoins easier to scale.

For markets, the key question is whether EU legislators accept the change. Any revision would shift the reserve economics for stablecoin issuers and could influence how quickly euro-backed tokens gain traction relative to their dollar-pegged counterparts. Watch for formal amendments and industry consultations in the coming months.