The proposed reforms center on three areas. First, replacing rigid reserve thresholds with a principle-based approach aligned with the EU's existing Liquidity Coverage Ratio framework, allowing issuers to hold a broader mix of high-quality liquid euro assets. Second, revisiting the remuneration ban to reduce the competitive gap with dollar stablecoins that benefit from DeFi lending pool yields without any issuer-paid interest. Third, giving large stablecoin issuers carefully limited access to central bank settlement accounts during periods of severe market stress — a backstop that would enhance stability without creating permanent structural dependencies. The broader argument is that MiCA's current design was built for a risk management objective that it has achieved, but at the cost of making euro stablecoins commercially unviable, and targeted adjustments can address the competitive gap without dismantling the safety architecture.