According to CoinMeta, the European Central Bank and all 27 EU central banks are calling for the abolition of the MICA rule, which requires major stablecoin issuers to hold 60% of their reserves in bank deposits. They argue that issuers should not be subject to minimum bank deposit requirements, as the volatile flows of stablecoins could pose a sudden risk of deposit withdrawals for loans. Instead, they prefer that issuers hold more highly liquid assets that mature within 1 to 5 working days.