MiCA’s Stablecoin Rule Is Under Fire From Europe’s Central Banks

Europe’s central banks want Brussels to rewrite part of MiCA, the European Union’s rulebook for crypto. At the center of the dispute is a requirement governing where large stablecoin issuers keep the reserves backing their tokens.The European System of Central Banks, which includes the European Central Bank and the national central banks of all 27 EU member states, raised the issue in comments submitted during the European Commission’s review of MiCA.The specific concern is ban