Circle and Tether push back on MiCA bank reserve rules
- —Circle proposes an EU recognition regime letting qualifying foreign issuers distribute tokens in Europe
- —Only 3 of the world's 25 largest stablecoins are MiCA-regulated: USDC, USDG and EURC
- —Circle opposes the 30% bank deposit requirement, rising to 60% for significant tokens
- —Tether previously declined an EU license over the same reserve rule
Why it matters: Loosening MiCA could open the EU market to global stablecoin issuers and ease pressure on USDT and USDC.
Source: CryptoSlate