According to Wu, Circle has submitted its MiCA review consultation to the European Commission, recommending the retention of the multi-issuance mechanism for stablecoins and the establishment of an equivalence and recognition system for overseas regulated stablecoins, allowing them to be distributed locally through EU-licensed institutions. Circle believes that MiCA's requirement for e-money token issuers to hold at least 30% of reserves in commercial banks, and raising the threshold to 60% for significant EMTs, would increase bank credit and counterparty risks. They suggest replacing this with a minimum asset liquidity requirement. Additionally, they propose removing the 35% single sovereign asset holding cap and the restriction that a single bank exposure cannot exceed 1.5% of the bank's total assets in the EBA technical standards. https://(wublock123.com)/news/circle-mica-review-retains-multiple-stablecoin-issuance-adjusts-emt-reserves-69389