Disclaimer: Content does not constitute investment advice. Trading involves risks—please invest with caution!

欧洲央行寻求禁止间接稳定币收益，MiCA储备改革

2026-09-23 06:35:05

Bookmark

欧洲央行体系呼吁对稳定币监管进行两项重大调整

欧洲的中央银行体系呼吁在欧盟法律框架下，对稳定币的监管方式做出两项重大改变。欧洲央行体系（ESCB）于9月22日在欧洲委员会对《加密资产市场法规》（MiCA）的审查中，发布了一份长达57页的立场文件。

第一项提案针对的是那些通过间接方式产生稳定币持有收益的产品。ESCB表示，不应允许平台提供借贷或质押服务，从而变相向用户支付持有稳定币的收益。MiCA法规自2024年6月起逐步生效，该法规已禁止加密资产服务提供商（CASPs）向稳定币持有者支付直接收益。ESCB希望将这一禁令扩展至那些以间接方式产生相同效果的未受监管结构。

为何ESCB希望扩大禁令范围

中央银行方面认为，稳定币的设计初衷是用于支付，而非作为储蓄工具。他们指出，允许间接收益可能会破坏电子货币代币与商业银行存款之间在法律上的界限。这种结果还会扭曲欧盟金融系统的竞争格局，因为银行在此体系下受到不同的规则约束。“维持并酌情加强禁止规定，涵盖直接和间接形式的报酬，应成为明确的立法优先事项”，ESCB在声明中强调。

类似的争议也发生在美国。八个银行集团敦促参议员在《CLARITY法案》中限制稳定币收益产品，理由是加密货币平台若不加以限制，可能提供与银行存款直接竞争的类存款收益。该法案最终以49票对50票在参议院程序性投票中失败，道德条款也是导致其失败的原因之一。

ESCB指出，稳定币可以通过借贷、质押或其他分层结构“转变为产生收益的安排”，并认为欧盟规则应明确填补这一漏洞。

重新思考储备资产的持有方式

ESCB的第二项提案涉及稳定币发行商如何持有其储备金。根据现行MiCA规则，发行商必须至少将30%的储备金存放在银行存款中；对于被认定为“重要”的稳定币，这一比例需提高至60%。ESCB希望取消这两项阈值，取而代之的是基于流动性的要求。

关键问题不在于资金存放的位置，而在于其变现速度。中央银行表示，大规模的稳定币存款构成了不稳定的银行资金来源。如果发生稳定币挤兑，迫使发行商迅速撤回这些存款，持有这些存款的银行可能会面临严重的流动性危机，尤其是当稳定币储备占其资金基础相当大比例时。

ESCB cited the collapse of Silicon Valley Bank in March 2023 as an example to illustrate this risk. The stablecoins themselves experienced a wave of runs after Circle disclosed that $3.3 billion of its USDC reserves were deposited with the bank. As an alternative, the ESCB supports setting thresholds based on standards in the European Banking Authority (EBA) draft. These standards require important stablecoins to hold at least 40% of their reserves in assets maturing within 1 working day and 60% in assets maturing within 5 working days. For non-important tokens, the recommended thresholds are 20% and 30%, respectively.

Tether CEO Paolo Ardoino pointed out the same risks as early as 2024. In an interview in October 2024, he described a scenario: If an issuer holds 10 billion euros in reserves, 6 billion euros of which are deposited in banks, if those banks lend 90% of the funds and there is a massive redemption at this time, the issuer will face a shortage.

After announcing the position on Tuesday, Ardoino posted on the X platform that Tether refused to obtain an EU license for the very reason that the ESCB now wants to remove.

Disclaimer:

All content published on this website, including hyperlinks, related applications, forums, blogs, and other media accounts, originates from third-party platforms and their users. CoinMarketInsight makes no representations or warranties of any kind regarding the website or its content. All blockchain-related data and materials are provided for informational and research purposes only and do not constitute financial, legal, or investment advice. Users and third parties are solely responsible for the content they publish. CoinMarketInsight shall not be liable for any losses arising from the use of this website. You should exercise caution and conduct your own independent research, review, analysis, and verification before making any decisions.

Read Full Article

0.00% 0.00%

Bullish

Bearish

Hot Coins