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UniCredit director Elena Carletti has warned Europe may struggle to contain a crypto bank crisis under MiCA rules.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n UniCredit deputy vice chair Elena Carletti has warned that Europe may struggle to contain a crypto-linked banking shock under MiCA. The Italian bank executive said EU tools are weaker than the US emergency response of 2023.<\/p>\n The comments land as MiCA pulls stablecoin issuers closer to traditional lenders. Carletti, who chairs UniCredit\u2019s board risk committee, said<\/a> at an IESE Business School conference in Madrid that the same systemic-risk exception used to guarantee all SVB and Signature deposits \u201ccannot be easily taken in Europe.\u201d<\/p>\n MiCA requires stablecoin issuers, classified as electronic money tokens, to hold reserves in liquid assets including bank deposits and government securities. That ties stablecoin stability directly to bank balance sheets.<\/p>\n <\/p>\n The link became visible during the March 2023 SVB collapse. Circle, issuer of USDC, disclosed $3.3 billion of reserves stuck at the failed bank, and the stablecoin briefly lost its dollar peg before US regulators guaranteed all deposits.<\/p>\n \u201cThe coverage and protection \u2026 was given to all deposits, including stablecoin companies, and that also allowed to maintain the stability of the stablecoin,\u201d Carletti said. EU deposit insurance, capped at \u20ac100,000, cannot absorb stress from large stablecoin reserve accounts the same way.<\/p>\n Carletti\u2019s warning comes as European banks lean further into stablecoins. UniCredit itself is a founding member of Qivalis, the consortium planning<\/a> a MiCA-compliant euro stablecoin for launch in the second half of 2026.<\/p>\n Italy\u2019s Banca Sella, another Qivalis founder, recently won<\/a> Bank of Italy approval to offer crypto custody and transfer services under MiCA\u2019s notification route for credit institutions. The full MiCA rollout tightens<\/a> supervision of CASPs, stablecoin issuers and DeFi front-ends by July 2026.<\/p>\n Tether CEO Paolo Ardoino has previously argued MiCA\u2019s 60% uninsured cash reserve requirement could itself trigger systemic risk, echoing Carletti\u2019s concern from the issuer side.<\/p>\n <\/p><\/div>\n\n\n
Why MiCA creates a \u201cdouble weakness\u201d<\/h2>\n
What it means for Europe\u2019s stablecoin push<\/h3>\n