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

The European Central Bank has reportedly urged EU lawmakers to remove a MiCA provision that caps stablecoin reserves held in a single non-euro currency at 60%. The rule, part of the Markets in Crypto-Assets framework, was designed to limit concentration risk by preventing issuers from parking too much of their backing in one currency — in practice, most often the US dollar.

The ECB’s argument, as reported, is that the cap may not adequately address broader monetary and financial stability concerns, particularly the dominance of dollar-denominated stablecoins in European markets. From a market perspective, the proposal matters because reserve rules directly shape how issuers structure their backing, which in turn affects liquidity, redemption capacity, and the attractiveness of euro-denominated alternatives.

What to watch: whether EU legislators formally take up the change, how stablecoin issuers respond to any revised framework, and whether the debate shifts toward broader euro-denominated stablecoin adoption. For now, this is a policy discussion rather than an enacted rule — no compliance deadlines have changed.