1h ago
Italy and Germany back an EBA "kill switch" plan targeting foreign stablecoins like USDC
Italy and Germany have circulated a March 27 document in Brussels proposing an EBA-managed emergency "kill switch" that could block foreign stablecoins such as Circle's USDC under MiCA. The paper would tighten rules around multi-issuer structures, require reserves to be immediately transferable to an EU entity, and allow an outright ban if transfers or compliance mechanisms fail. The measures are intended for inclusion in MISP talks, with a stated deadline at the end of 2026.