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FollowingThe European Central Bank urges Brussels to tighten regulatory rules for stablecoins
The European Central Bank (ECB) and the central banks of EU member states jointly called on Brussels to strengthen stablecoins supervision, requiring lawmakers to maintain a ban on interest payments on stablecoins, and extend the ban to crypto lending and pledge services that mimic such income models. In a response to the European Commission's Market Infrastructure and Cryptocurrency Act (MiCA) review consultation issued on September 22, the European System of Central Banks (ESCB) pointed out that payment of stablecoin should continue to be prohibited and emphasized the need to address the issue of "circumventing the ban through trilateral plans and other means."
Closing interest loopholes
The response document argued that the ban should not be limited to the scope of services covered by MiCA, but should "also apply to unregulated services, such as crypto asset lending and pledge." Central banks note that some crypto platforms already carry out such activities,"replicating the economic effects of interest payments through ancillary or unregulated services." Therefore, the response document clearly stated that "the pledge, lending and borrowing of crypto assets should be regulated at the EU level" and suggested establishing a framework to distinguish between agency business, investment services and banking-like business activities. Currently, stablecoin issuers, including Circle, have dabbled in such products, such as the launch of USDC lending services based on Bitcoin.
Reconstructing reserve holding method
与此同时，ESCB还呼吁布鲁塞尔废除MiCA中规定的固定最低银行存款准备金要求——即大多数发行方需保留30%的储备金，重要发行方需保留60%——取而代之的是与储备资产变现速度挂钩的流动性规则。回应文件提议设定资产在一至五个工作日内到期的最低比例，并以欧洲银行管理局（EBA）的草案标准作为起点。这一转变将适用于目前正在欧盟范围内构建合规基础设施的稳定币发行方。
为非欧元稳定币增设新 safeguards
此外，回应文件还呼吁对非欧元稳定币日益增长的使用情况采取“适当的监管保障措施”，警告其对金融稳定和货币政策传导构成风险。文件主张加强对大型加密公司的监督，包括将所有加密资产服务提供商的监管权移交至欧洲证券和市场管理局（ESMA）。ESCB将这些要求定位为维持央行货币作为系统锚点的必要性，这也是其Pontes代币化结算项目背后的核心论点。
该文件是对欧洲委员会的建议，而非对MiCA本身的直接修改；咨询期截至9月30日，任何立法提案仍需获得欧盟立法机构的批准方可生效。
