Global stablecoin risks and DeFi lending demand tighter MiCA rules
The European Banking Authority submitted its response to the European Commission's consultation on the MiCA review on September 24, 2026. The submission calls for dedicated rules on multi-issuer stablecoins, harmonised deposit definitions, and comprehensive oversight of crypto lending.
Supervisory gaps in multi-issuance and DeFi
As of September 1, 2026, 39 electronic money tokens (EMTs) have been issued under MiCA and zero asset-referenced tokens authorised.
The European Banking Authority (EBA) highlighted vulnerabilities from third-country multi-issuer stablecoins, where run risks and reserve fragmentation threaten EU financial stability.
The EBA urged the European Commission to introduce a dedicated regime, including a new significance criterion under Article 43(1) and an equivalence framework with strict reciprocity.
It also called for bringing crypto borrowing, lending, and crypto-asset service provider access to decentralised finance protocols into MiCA's scope to prevent regulatory arbitrage and protect consumers.
Tokenised deposits and reserve pressures
Surveys indicate that 26 percent of EU banks plan to deploy tokenised deposits within three years, up from 16 percent in 2024.
However, the absence of a harmonised definition of “deposit” under the CRD and CRR obscures the boundary with MiCA.
The EBA also cautioned that the mandate for electronic money institutions to hold 30 to 60 percent of reserves in bank deposits heightens interconnectedness with the banking sector.
The authority reiterated concerns that diluting reserve liquidity standards would undermine redemption capacity during stress.
Fixing perimeters before stress hits
The response exposes critical blind spots in MiCA, particularly regarding multi-issuer stablecoins and crypto lending.
Without harmonised deposit definitions, regulatory fragmentation will continue to stall institutional adoption.
Lawmakers must enact these safeguards before offshore stablecoin stresses trigger onshore contagion.