European central banks themselves want to delete MiCA’s rule requiring 60% reserves in bank deposits — the very rule that caused Tether not to take an EU license. The rule hasn’t been repealed yet.
Numbers. MiCA: significant issuers ≥60% reserves in commercial bank deposits (non-significant ≥30%). The ESCB (ECB + national central banks) proposed removing these thresholds and replacing them with the share of liquid assets with a 1–5 business day maturity (Reuters, 22 Sep). While the Commission consultation is ongoing, 30%/60% is still in force. Ardoino, 22 Sep: European central banks want to remove the 60%; Tether declined an EU license because of the same provision and may return “when MiCA becomes safer.” $USDT ≈183,4$ billion mcap.
My take: regulators are acknowledging after the fact the systemic risk Tether had been talking about earlier — stablecoins shouldn’t park tens of billions in banks as deposits. The catalyst isn’t that “Tether gave up,” but rather edits to the MiCA text. While the 60% rule is still alive, the largest stablecoin remains outside the EU license.
Question: without the 60% rule — will $USDT take an EU license, or is MiCA still too narrow?
$USDT $BTC #Tether #MiCA
Numbers. MiCA: significant issuers ≥60% reserves in commercial bank deposits (non-significant ≥30%). The ESCB (ECB + national central banks) proposed removing these thresholds and replacing them with the share of liquid assets with a 1–5 business day maturity (Reuters, 22 Sep). While the Commission consultation is ongoing, 30%/60% is still in force. Ardoino, 22 Sep: European central banks want to remove the 60%; Tether declined an EU license because of the same provision and may return “when MiCA becomes safer.” $USDT ≈183,4$ billion mcap.
My take: regulators are acknowledging after the fact the systemic risk Tether had been talking about earlier — stablecoins shouldn’t park tens of billions in banks as deposits. The catalyst isn’t that “Tether gave up,” but rather edits to the MiCA text. While the 60% rule is still alive, the largest stablecoin remains outside the EU license.
Question: without the 60% rule — will $USDT take an EU license, or is MiCA still too narrow?
$USDT $BTC #Tether #MiCA