ECB pushes back on calls to ease MiCA liquidity rules for euro stablecoins

The European Central Bank told EU finance ministers on May 24, 2026 that loosening rules for euro-denominated stablecoins could undermine banks and raise financial-stability risks. The message followed closed-door talks held Friday in Nicosia, Cyprus, where officials opposed proposals to relax MiCA liquidity requirements and to expand potential access to ECB liquidity facilities.