The European System of Central Banks is pushing to extend MiCA’s stablecoin yield restrictions to crypto lending, borrowing, staking and other structures that can generate indirect returns.

The central banks argue that stablecoins can create yield indirectly through lending, staking and liquidity incentives. They want MiCA’s remuneration ban to cover these structures and bring crypto lending, borrowing and staking under EU-level rules.

The proposal comes as stablecoin reserve economics face growing scrutiny. Tether co-founder Reeve Collins has argued that stablecoins should separate payment functionality from yield, allowing reserve returns to be distributed independently.

The ECB also wants liquidity requirements to replace MiCA’s current fixed bank-deposit thresholds, with significant stablecoins required to keep 40% of reserves available within one working day and 60% within five days.

The European Commission’s MiCA consultation closes September 30, with potential legislative changes expected by mid-2027.

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