ECB Says MiCA Could Make Stablecoin Runs a Bank Problem

What happened

The ECB said MiCA, the European Union's crypto rulebook, could require significant stablecoin issuers to hold 60% of their reserves as bank deposits. That rule might turn a wave of stablecoin redemptions into a funding drain for banks.

Confirmed

Global impact / market context

If issuers must park most reserves at banks, customers cashing out stablecoins could force banks to return large deposits quickly. Banks then need other cash, so funding costs rise and lending may slow, passing pressure to businesses that rely on credit.

Analyst inference

Stablecoins are digital tokens meant to hold a steady value, often tied to the dollar or euro. Under MiCA, large issuers would keep 60% of reserves in bank deposits, tightly linking crypto redemptions to ordinary bank funding and credit conditions.

Analyst inference

What to watch

1. Watch the ECB's final MiCA rules to see if the 60% deposit requirement for significant stablecoin issuers takes effect. Confirmed
2. Officials could adjust the deposit share or add buffers if banks show funding strain when issuers redeem stablecoins quickly. Proposed
3. Track stablecoin redemption volumes alongside affected banks' deposit balances and funding costs to see if this link creates real pressure. Analyst inference

Evidence

• coindoo.com