EBA sets MiCA review priorities: stablecoins, reserves and lending

The European Banking Authority (EBA) published its priorities for the review of MiCA, the EU’s crypto-asset law, on September 24, 2026. The EBA’s statement calls for tighter rules on multi-issuer stablecoin schemes and for regulating crypto-asset lending, citing risks to consumers.

What changed

MiCA (the Markets in Crypto-Assets Regulation) governs stablecoin issuers and crypto service providers across the EU. The law is now under review, and the EBA has set out what it thinks should change. According to the EBA, its priorities are:

• Multi-issuer stablecoin schemes. Strengthen the framework for third-country multi-issuer schemes, where a stablecoin is issued jointly by an EU entity and one outside the EU. The EBA describes these as posing “significant to very significant risks.”
• Reserves. Review the minimum share of reserves that issuers must hold as bank deposits, while keeping risk management effective.
• Classification. Make it clearer which MiCA category a crypto-asset falls into. The EBA says the current uncertainty “result[s] in avoidable costs and delays for firms in product roll-out.”
• Crypto lending. Bring lending under regulation, “including where crypto-asset service providers facilitate access to decentralised lending protocols, in view of the risks posed to consumers.”
• Reporting and scope. Update reporting requirements and clarify where MiCA ends and other EU financial laws, such as MiFID and CRD, begin.

What it means for you

If you live in the EU and hold euro or dollar stablecoins through an app, nothing changes now. This is the regulator’s input to a review, not a new rule.

The lending point is the one most relevant to everyday users. Many crypto apps offer “earn” or lending features, and some route your coins to decentralized lending protocols. By asking for lending to be regulated because of the risks to consumers, the EBA is signaling that these features deserve more caution than simply holding a stablecoin. Before using one, check who holds your assets and what happens if the protocol or the app fails.

For freelancers and expats comparing ways to move money, our transfer fee calculator for Wise, Revolut, bank wire and USDC puts stablecoins next to conventional options. This is general information, not investment advice.