What happened

The European Central Bank and EU national central banks are reportedly pressing for concrete changes to MiCA’s stablecoin rules. One proposal would replace the framework’s minimum bank-deposit requirement for stablecoin reserves with liquidity tests covering one- and five-day periods.

Separately, the central banks are reportedly seeking to extend MiCA’s stablecoin yield ban into crypto lending and staking. The supplied record describes these as two proposals moving at the same time.

Why it matters

If adopted, the changes could affect every EU stablecoin issuer by shifting the focus of reserve requirements toward short-period liquidity testing. The separate yield proposal could also broaden the activities covered by restrictions involving stablecoins, lending, and staking.

The reported rationale for the liquidity change is that sudden withdrawals could strain lenders. That is a warning attached to the proposal, not evidence in the supplied record that such strain has occurred in a particular case.

Important limit

The record supports a regulatory watch, not a conclusion that MiCA has been rewritten. It does not provide the proposed legal text, a formal legislative timetable, or confirmation that either proposal will be adopted.

What to watch

Watch for publication of proposed MiCA text or an official next step on the one- and five-day liquidity tests and the proposed expansion of the yield ban.

Sources and limits

Upstream references and independent checks

Digest dated 2026-09-23 · upstream model sonnet. Direct links are matched to all 3 upstream source IDs.

  1. 1
    European central banks push to expand stablecoin yield ban to crypto lending and stakingDirect upstream source · 73773c31386014ee380240ab1e76074649e58222
  2. 2
    ECB, EU cenbanks seek changes in MiCA’s minimum bank deposit for stablecoinsDirect upstream source · 06ad6bd133f6e376a99601c47c29bcac91d16733
  3. 3
    EU central banks attack MiCA rules and stablecoin runs are blamedDirect upstream source · b8fe955a1c0c0958798c8ab36c055dd78be696b3
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This Research brief was generated by Terra from a dated upstream research digest. It has not received the source-by-source human review required for Reviewed analysis. Material limit: The evidence consists of three approved reporting records and a summary of the proposals; it does not include primary documents, detailed rule text, or an adoption decision.