SRB flags resolution gaps for stablecoins in response to Commission's MiCA review

The Single Resolution Board has told the European Commission that the current MiCA framework leaves resolution authorities short of tools and information when stablecoin activity threatens credit institutions. This segment covers what the SRB is asking for, the four bank roles it has identified, and why the interaction between MiCA and the EU resolution rulebook is now on the table.

• SRB says non-credit stablecoin issuers lack a dedicated resolution regime for systemic activity, beyond some supervisory and recovery measures.
• It wants data-sharing, supervisor-resolution coordination and alignment of MiCA with BRRD and SRMR on reserves, segregation and depositor protection.
• The response focuses on credit institutions as token issuers and as institutions funded by issuers and crypto-asset service providers.