Circle, the Hyperliquid Policy Center and Aave have submitted their contributions to the European consultation on MiCA revision, which closed on September 30, 2026. Circle is advocating for opening MiCA to major global stablecoins, with only three of the top twenty-five currently regulated under this framework, and proposes a “multi-issuance” regime along with more flexible liquidity requirements than the current 30% to 60% reserve obligation in bank deposits. Hyperliquid argues that perpetual contracts should fall under MiFID II rather than MiCA, asserting that the economic nature of the product, not the blockchain technology used, should determine its regulatory treatment. Aave strongly opposes the European Banking Authority’s recommendations to restrict stablecoin yields and limit user access to certain decentralized finance protocols, warning that this could create closed markets detrimental to liquidity.
Source: Read the original article
