EU central banks attack MiCA rules and stablecoin runs are blamed

What happened

EU central banks are reportedly attacking MiCA rules, and stablecoin runs are being blamed. The reported plan swaps mandatory bank deposits for one-day and five-day cash tests, shifting where redemption risk lands.

Confirmed

Global impact / market context

Changing cash tests means stablecoin issuers such as USDT and USDC could face different rules on holding money in banks, which may affect their ability to pay redemptions quickly and how much cash they must keep available.

Analyst inference

Stablecoin runs happen when many holders try to redeem coins at once, so regulators want stronger cash buffers. The plan moves risk away from bank deposits toward short-term cash tests, potentially changing how issuers manage reserves and investor confidence.

Analyst inference

What to watch

1. The reported plan swaps mandatory bank deposits for one-day and five-day liquidity tests, which means short-term cash checks instead of required bank holdings. Confirmed
2. EU central banks reportedly propose replacing mandatory bank deposits with one-day and five-day cash tests, shifting where redemption risk lands for stablecoin issuers. Proposed
3. If adopted, watch whether USDT and USDC issuers adjust their cash reserves or redemption policies, which could affect investor confidence and stablecoin trading. Analyst inference

Affected assets

• USDC — USD Coin
• USDT — Tether

Evidence

• cryptoslate.com