According to the draft of the new rules of the European Banking Authority (EBA), issuers of stablecoins whose reserves consist of derivatives or guaranteed bonds will receive additional regulation.
The document provides for higher capital requirements for such companies if the tokens they issue are recognized as "significant."
The supervision of such organizations will fall partially or entirely to the EBA.
According to the document:
"Financial distress at one ART [asset-referenced token] or EMT [e-money token] issuer can materially increase the likelihood of distress at other issuers of crypto-assets or at other financial institutions given the network of contractual obligations in which issuers operate."
The EBA has established a set of preliminary criteria for classifying stablecoins as "significant," including the share of assets issued by regulated financial institutions excluding deposits, market share in cross-border payments, number of users and market capitalization.
According to MiCA, issuers of such assets must conduct stress tests and cover 3% of reserves with capital (for other institutions, this parameter is 2%).
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