EBA Calls for Stronger Rules on Multi-Issuer Stablecoins and Crypto Lending

The European Banking Authority (EBA) has submitted its formal response to the European Commission's targeted consultation on reviewing the Markets in Crypto-Assets Regulation (MiCA). The EBA published its MiCA review consultation response on September 24, 2026. In it, they outline three priority areas for the EU to address: third-country multi-issuer stablecoin schemes, crypto-asset classification standards, and oversight of crypto lending activities.

The current rules governing asset-referenced tokens (ARTs) and electronic money tokens (EMTs) are broadly appropriate, according to the EBA. However, they express concerns about stablecoin schemes run by multiple issuers based outside the EU. The authority views these third-country multi-issuer arrangements as carrying significant risk due to the difficulty in coordinating oversight across jurisdictions.

The EBA recommends revisiting reserve asset requirements for these cross-border schemes and preserving sound risk management practices already built into MiCA. They also urge the Commission to clarify MiCA's scope and definitions, which have caused confusion among firms and regulators.