The European Banking Authority (EBA) is calling for changes to Europe’s crypto rules as the overlap between stablecoins, crypto lending and decentralized finance exposes issues in the Markets
The European Banking Authority (EBA) is calling for changes to Europe’s crypto rules as the overlap between stablecoins, crypto lending and decentralized finance exposes issues in the Markets in Crypto-Assets Regulation (MiCA).
In its September 24 response to the European Commission’s MiCA review, the EBA recommended clearer crypto asset classifications and changes to reporting requirements.
The recommendations arrive ahead of the Commission’s September 30 consultation deadline. MiCA has applied since December 2024, while its stablecoin provisions took effect in June 2024. As of September 1, the EBA said 39 electronic money tokens had been issued under MiCA, while no asset-referenced tokens had been authorized.
Source:EBA
The EBA’s intervention points to a bigger problem. The authority says crypto borrowing and lending already occur across at least 16 EU member states, while crypto service providers can give customers access to decentralized lending protocols. It also points to general-purpose AI as making DeFi easier to access.
That creates a difficult question for regulators. If a regulated platform gives customers access to a decentralized lending protocol, should that access point face obligations even when the underlying protocol falls outside MiCA?
The EBA recommends regulating crypto lending, including activities where CASPs facilitate access to decentralized lending protocols.
The issue is becoming more visible as exchanges experiment with stablecoin yield products. DeFi Planet’s recent analysis of the trend shows how regulators are now focused on mechanisms that can recreate stablecoin yield without the issuer directly paying interest.
Also Read: EU Says MiCA Rollout Is Creating New Opportunities for Crypto Fraudsters
The European debate is also unfolding alongside a major US development. On September 24, the Federal Reserve proposed rules for Board-supervised payment stablecoin issuers under the GENIUS Act. The proposals include full backing with permitted reserve assets, standardized capital requirements, custody standards and a tailored application process for bank issuers. Meanwhile, the comment period runs for 60 days after publication in the Federal Register.
The developments prompted different reactions on X.Big Bev suggested that, if the trend continues, stablecoins could become a payment layer for global entertainment, including music, collectibles, merchandise and direct artist support across borders.
If this proves real, stablecoins could become the quiet checkout layer for global fandom: one rail for music, limited collectibles, merch and direct artist support across borders.https://t.co/D9oSSfPvn7
— Big Bev
(@bevlove) September 24, 2026
Another crypto commentator, Solomon, focused instead on the institutional implications. He talked about the proposed reserve, capital and custody requirements. At the same time, he argued that bank-issued stablecoins could become an important regulated route into mainstream adoption.
The Fed just opened public comment on stablecoin rules. 60 days. Full reserve backing. Capital requirements.
The regulatory framework for bank-issued stablecoins is now live.
• Comment period: 60 days from Federal Register publication
• Reserve requirement: 100% backing…
— Solomon (@iamalijandro) September 24, 2026
Neither reaction directly addresses the EBA’s MiCA proposals, but together they show why stablecoins are becoming more than a crypto trading instrument. They are being positioned as payment and financial infrastructure, making the boundaries between crypto regulation and traditional financial regulation harder to maintain.
Europe’s central banks are pushing in the same direction. The European System of Central Banks has called for crypto lending, borrowing and staking to be considered within the EU framework and argued that MiCA’s decentralization exemption needs greater clarity.
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