UniCredit warns: Europe may struggle to contain a stablecoin crisis under MiCA
The EU's €100,000 deposit guarantee may not be enough to handle stress in large stablecoin reserves, UniCredit warns in a new analysis.
Italian banking giant UniCredit warns in a new analysis that Europe lacks the crisis tools that U.S. authorities have for handling a stablecoin-related banking crisis under the MiCA framework.
According to CoinDesk's reporting, UniCredit points out that the EU's deposit guarantee — which covers up to €100,000 per depositor — is not sized for the stress that large stablecoin reserve accounts could place on individual banks.
The warning comes amid a broader debate in the EU over how MiCA should be updated. The European Commission has already opened a consultation on stablecoins, DeFi and staking, just two years after the framework took effect.