ECB Asks Brussels to Scrap the MiCA Reserve Rule That Kept Tether Out of the EU

Europe's central banks want the bank-deposit floors for stablecoin reserves removed, endorsing a risk argument Tether first made two years ago.

Assembled by Claude from 10 sources at 9 outlets · Wednesday, September 23, 2026, Morning edition, 10:21 AM EDT · no human byline

What happened

The European Central Bank and the national central banks of the European System of Central Banks have asked for changes to the bloc's crypto rulebook news.futunn.com. They propose removing MiCA's 30 per cent and 60 per cent bank deposit reserve requirement and allowing highly liquid assets such as Treasury holdings instead cryptorank.iocrypto.news. The ECB and ESCB also want stricter MiCA enforcement, new liquidity rules for stablecoin reserves and centralised supervision of crypto firms operating in the bloc cryptobriefing.com, and have pushed for a broader ban on stablecoin rewards tokenpost.com.

The reserve proposal lands on the same point Tether has objected to. Chief executive Paolo Ardoino said the company will not apply for an EU MiCA licence because of the requirement that major stablecoin issuers hold at least 60 per cent of their reserves in bank deposits cryptonews.netcryptonews.neten.bloomingbit.io. European central banks are now seeking removal of the rule nearly two years after Tether raised concerns about it ambcrypto.com, echoing a reserve-risk warning the company made in 2024 crypto.news.

Why it matters to investors

Stablecoin reserve rules are now a Treasury market question. The US Treasury has said stablecoin issuers hold about 200 billion dollars in short-term Treasuries and other government securities, and that the amount is likely to grow coinness.com.

The European proposal would push reserves further in that direction by permitting highly liquid assets in place of bank deposits cryptorank.io. The regulators' stated concern is the reverse of the original rule's intent: concentrating issuer reserves in bank deposits creates a run channel through the banking system rather than away from it ambcrypto.comcrypto.news.

What to watch

Whether the Commission reopens MiCA is the first gate. A central bank request is not an amendment, and the rule stands until it is changed cryptorank.ionews.futunn.com.

Watch the rewards ban, which runs in the opposite direction to the reserve relief and would restrict what issuers can pay holders tokenpost.comcryptobriefing.com. Watch the US comparison: legislation there failed in a 49 to 50 Senate procedural vote, leaving the two jurisdictions' rulebooks diverging on the same questions tokenpost.com. And watch Tether itself, since ECB support for its reserve argument does not resolve its EU position, which remains unsettled even with the concern acknowledged ambcrypto.com.

Sources

1. cryptonews.net: Tether Refuses EU MiCA License Over Reserve Rules , Says CEO - Cryptonews.net (2026-09-22)
2. crypto.news: ECB seeks MiCA reserve change flagged by Tether in 2024 - Crypto News (2026-09-22)
3. ambcrypto.com: ECB backs Tether's MiCA concern—but USDT's EU problem remains - AMBCrypto (2026-09-22)
4. cryptobriefing.com: European Central Bank calls for tougher EU crypto rules and stablecoin interest ban (2026-09-22)
5. en.bloomingbit.io: Tether Dropped EU License Application Over MiCA Rule Requiring 60% of Reserves in ... (2026-09-22)
6. cryptorank.io: ECB Urges EU to Tighten Stablecoin , Staking and Crypto Firm Rules (2026-09-22)
7. cryptonews.net: Tether CEO Paolo Ardoino Announces They've Abandoned Their EU License Application ... (2026-09-23)
8. coinness.com: U.S. Treasury says stablecoin issuers hold $200B in T-bills, likely to grow - CoinNess (2026-09-22)
9. news.futunn.com: The European Central Bank and other EU central banks oppose the rule mandating that ... (2026-09-23)
10. tokenpost.com: ECB Pushes Broader Ban on Stablecoin Rewards Under MiCA - TokenPost (2026-09-23)