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MiCA Stablecoin Rules Finalize 60% Bank Deposit Requirement for Significant Tokens
Key points
EU regulators have finalized reserve rules under MiCA, requiring at least 60% of assets backing significant stablecoins to be held as bank deposits.
EU financial regulators completed the technical standards for stablecoin reserves under the Markets in Crypto-Assets Regulation on 12 November 2026. The rules impose a 60% minimum bank deposit requirement on significant e-money tokens and asset-referenced tokens that reference official currencies.
MiCA Stablecoin Rules and Reserve Requirements
MiCA stablecoin rules, set out in Regulation (EU) 2023/1114, require issuers to maintain segregated, one-to-one reserves in low-risk, highly liquid assets at all times. Articles 36, 54 and 58, together with the related regulatory technical standards, specify the composition of these reserves and mandate independent audits every six months for tokens classified as significant.
Non-significant issuers must place at least 30% of the referenced amount in deposits with credit institutions. For significant tokens the floor rises to 60%. The remainder may be held in short-term sovereign debt, reverse repurchase agreements or money market funds, subject to strict maturity and liquidity limits. These thresholds were confirmed in the final EBA draft delegated regulations published in October 2026.
Classification as significant triggers additional obligations, including own funds equal to 3% of reserves rather than 2%, enhanced liquidity and recovery plans, and direct EBA oversight. Thresholds include reserves or market capitalisation above €5 billion, more than 10 million holders, or high transaction volumes. Assessments occur annually.
Classification of USDC and Current Authorised Issuers
On 14 October 2026 the EBA classified Circle’s USDC, issued by Circle Internet Financial Europe SAS, as the first significant e-money token. Dual supervision by the EBA for reserves, liquidity, capital and recovery plans, and by the ACPR in France for governance, took effect on 12 November 2026. USDC is currently the largest MiCA-compliant stablecoin.
As of 12 November 2026 the ESMA register listed 26 authorised EMT issuers and 51 white papers. No asset-referenced token issuers have yet been authorised. Compliant stablecoins include USDC and EURC from Circle and USDG from Paxos. Tether’s USDT remains unauthorised under the regime.
Issuers must now align reserve holdings with the 60% deposit requirement where significance applies. The EBA will conduct ongoing supervision of USDC and perform annual significance reassessments for all tokens.
Review Process and Next Steps for Issuers
The European Commission closed its targeted consultation on the MiCA review on 30 September 2026. The ECB and ESCB, in their 22 September response, proposed replacing the fixed 30% and 60% deposit floors with maturity-based liquidity buckets to reduce potential bank contagion risks. The EBA response was more cautious and called for evidence-based adjustments. No legislative changes have been finalised.
The Commission is required to deliver its report by 30 June 2027, which may include a legislative proposal. On 8 October 2026 ESMA urged national competent authorities to halt crypto-asset service provider services for non-compliant stablecoins by approximately 8 January 2027. Issuers should therefore verify current reserve compositions against the new technical standards and prepare for possible annual significance reviews.
Frequently asked questions
What is the bank deposit requirement under the final MiCA stablecoin rules?
Significant tokens must hold at least 60% of reserves as deposits with credit institutions. Non-significant tokens face a 30% floor. The remainder may be placed in other qualifying liquid instruments.
Which token was first classified as significant under MiCA?
USDC issued by Circle Internet Financial Europe SAS received the first significant EMT classification from the EBA on 14 October 2026, triggering dual supervision from 12 November 2026.
How many EMT issuers are currently authorised under MiCA?
The ESMA register shows 26 authorised EMT issuers and 51 white papers as of 12 November 2026. No ART issuers have been authorised yet.
When will the European Commission report on MiCA review?
The Commission must deliver its report by 30 June 2027. Any legislative proposals that follow would address the fixed deposit floors and other elements raised in the 2026 consultation.
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