#比特币突破5月高点逼近8.6万美元
This news is actually a bit strange.. A 57-page regulatory opinion letter—its title says stablecoin, but the harshest point isn’t aimed at stablecoins. Another point, in fact, is about loosening the rules for them..
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Most people are seeing this: Europe is cracking down on crypto again, and stablecoins are having an even harder time..
But what’s really worth looking at are two things the ECB and central banks across the eurozone raised together this time.. One is to expand the ban on stablecoin yield—from services that are already under regulation, to lending, borrowing, borrowing coins, and staking, which are still not fully covered.. The rationale is stated very directly: electronic money is meant to be used for payments, not for saving money..
The other, in reverse, is to require deleting the current rule that says the issuer must put 30% of reserves into banks, and that “important stablecoins” must have 60% in reserves, and instead to manage liquidity by setting it based on whether the reserve funds can be converted into cash within a few business days..
That’s quite thought-provoking.. On one hand they’re blocking every possible path to earn interest; on the other they loosen the leash between issuers and banks..
Put simply, what they want to protect isn’t stablecoins—it’s the pool of bank deposits.. Once a stablecoin can pay interest, it stops being merely a payment instrument and becomes a substitute for bank deposits, moving directly into the banks’ territory.. And the reason the reserve requirement needs to be removed is that it binds the issuer and the bank together; in the event of a bank run, if the issuer withdraws the money, it’s the bank that is hit first.. When that bank collapsed in March 2023, it was exactly the same kind of situation that pulled a stablecoin down with it..
But here’s the problem.. This kind of rule has an unavoidable side effect—if interest is banned within Europe, the money won’t disappear; it will just route itself to places where it isn’t regulated.. The most ready example is right there beside the document: back then, that very issuer gave up an EU license precisely because of the reserve terms, yet today its share is still number one globally.. Rules can control licenses, but they can’t control interest-rate spreads..
Even more interesting is where the money is moving at the same time.. While Europe is debating whether stablecoins can earn interest, spot ETFs have already pulled in nearly $1 billion in a single day. Bitcoin is trading sideways around 86,000, and the total market capitalization has just returned above the $3 trillion mark..
What’s truly worth watching is whether the European Commission will write these two recommendations into the revised MiCA draft.. If they do, Europe’s stablecoin business will only end up handing more of the deal to dollar-denominated assets, while protected bank deposits may simply move risk from the blockchain back onto their own balance sheets.. The twist is that the pool the central banks most want to safeguard is precisely the one they fear the most in terms of bank runs..
This news is actually a bit strange.. A 57-page regulatory opinion letter—its title says stablecoin, but the harshest point isn’t aimed at stablecoins. Another point, in fact, is about loosening the rules for them..
💰 了解最新交易计划
Most people are seeing this: Europe is cracking down on crypto again, and stablecoins are having an even harder time..
But what’s really worth looking at are two things the ECB and central banks across the eurozone raised together this time.. One is to expand the ban on stablecoin yield—from services that are already under regulation, to lending, borrowing, borrowing coins, and staking, which are still not fully covered.. The rationale is stated very directly: electronic money is meant to be used for payments, not for saving money..
The other, in reverse, is to require deleting the current rule that says the issuer must put 30% of reserves into banks, and that “important stablecoins” must have 60% in reserves, and instead to manage liquidity by setting it based on whether the reserve funds can be converted into cash within a few business days..
That’s quite thought-provoking.. On one hand they’re blocking every possible path to earn interest; on the other they loosen the leash between issuers and banks..
Put simply, what they want to protect isn’t stablecoins—it’s the pool of bank deposits.. Once a stablecoin can pay interest, it stops being merely a payment instrument and becomes a substitute for bank deposits, moving directly into the banks’ territory.. And the reason the reserve requirement needs to be removed is that it binds the issuer and the bank together; in the event of a bank run, if the issuer withdraws the money, it’s the bank that is hit first.. When that bank collapsed in March 2023, it was exactly the same kind of situation that pulled a stablecoin down with it..
But here’s the problem.. This kind of rule has an unavoidable side effect—if interest is banned within Europe, the money won’t disappear; it will just route itself to places where it isn’t regulated.. The most ready example is right there beside the document: back then, that very issuer gave up an EU license precisely because of the reserve terms, yet today its share is still number one globally.. Rules can control licenses, but they can’t control interest-rate spreads..
Even more interesting is where the money is moving at the same time.. While Europe is debating whether stablecoins can earn interest, spot ETFs have already pulled in nearly $1 billion in a single day. Bitcoin is trading sideways around 86,000, and the total market capitalization has just returned above the $3 trillion mark..
What’s truly worth watching is whether the European Commission will write these two recommendations into the revised MiCA draft.. If they do, Europe’s stablecoin business will only end up handing more of the deal to dollar-denominated assets, while protected bank deposits may simply move risk from the blockchain back onto their own balance sheets.. The twist is that the pool the central banks most want to safeguard is precisely the one they fear the most in terms of bank runs..
