EBA Floats Stablecoin Lending Restrictions for EU Crypto Firms

The EBA's move signals that EU regulators now see stablecoin lending as a bank-adjacent activity rather than a niche DeFi experiment, which puts crypto firms offering it closer to traditional prudential oversight. Leverage caps and certification for lending protocols would hit the gateways that connect fiat on-ramps to on-chain credit, potentially reshaping how EU firms structure those products. Whether this stays a consultation or becomes binding guidance is the open question, and how the EBA defines a gateway will determine which platforms actually fall in scope.