Current outcome
The European Central Bank, together with the EU's national central banks, called on EU legislators to toughen the bloc's crypto rulebook and to broaden the existing prohibition on offering interest or rewards on stablecoin holdings, in a push reported on 22 September 2026. The expanded ban would also cover indirect yields channelled through crypto lending, borrowing and staking. The ECB frames the request around financial-stability and monetary-policy risks, making stablecoin yield products the focal point of the EU's next round of crypto policy debate. Because it targets the MiCA framework rather than a single firm, any change would apply across EU-regulated crypto-asset service providers. The ECB's position is an advocacy and consultative stance directed at EU lawmakers, not a binding decision, and any tightening would require amending the Markets in Crypto-Assets (MiCA) rules. Reports also indicate the ECB has backed giving the European Securities and Markets Authority (ESMA) a larger role in EU crypto oversight, alongside calls for changes to how stablecoin reserves are regulated.
Progress timeline
1 material updates- #01
ECB calls for tougher EU crypto rules and wider ban on stablecoin interest
The European Central Bank, together with the EU's national central banks, called on EU legislators to toughen the bloc's crypto rulebook and to broaden the existing prohibition on offering interest or rewards on stablecoin holdings, in a push reported on 22 September 2026. The expanded ban would also cover indirect yields channelled through crypto lending, borrowing and staking. The ECB frames the request around financial-stability and monetary-policy risks, making stablecoin yield products the focal point of the EU's next round of crypto policy debate. Because it targets the MiCA framework rather than a single firm, any change would apply across EU-regulated crypto-asset service providers. The ECB's position is an advocacy and consultative stance directed at EU lawmakers, not a binding decision, and any tightening would require amending the Markets in Crypto-Assets (MiCA) rules. Reports also indicate the ECB has backed giving the European Securities and Markets Authority (ESMA) a larger role in EU crypto oversight, alongside calls for changes to how stablecoin reserves are regulated.
Source evidence: euronews.com