European Central Bank Calls for Removal of MiCA Stablecoin Reserve Requirements; Tether Previously Declined EU License Over the Provision

Tether CEO Paolo Ardoino (@paoloardoino) revealed in a post that European national central banks have pressured Brussels to remove provisions regarding stablecoin reserves from the Markets in Crypto-Assets Regulation (MiCA). The clause mandates that major stablecoin issuers deposit 60% of their reserve assets into commercial banks. Tether previously withdrew its application for an EU operating license precisely because it refused to accept this provision.