{"id":990622,"date":"2026-05-28T17:56:50","date_gmt":"2026-05-28T17:56:50","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/990622\/"},"modified":"2026-05-28T17:56:50","modified_gmt":"2026-05-28T17:56:50","slug":"unicredit-warns-europe-may-struggle-to-contain-crypto-bank-crisis-under-mica-rules","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/990622\/","title":{"rendered":"UniCredit warns Europe may struggle to contain crypto-bank crisis under MiCA rules"},"content":{"rendered":"<p>Europe may struggle to contain a financial shock tied to crypto firms and banks because its crisis tools are more limited than those used in the U.S. during the 2023 banking turmoil, a senior official with European bank UniCredit said Thursday.<\/p>\n<p>Elena Carletti, UniCredit\u2019s deputy vice chair and head of the board\u2019s risk committee, said European authorities may not be able to guarantee crypto-linked deposits in the same way U.S. regulators did after the <a href=\"https:\/\/www.coindesk.com\/markets\/2023\/03\/10\/silicon-valley-bank-rocks-crypto-and-equity-markets-ahead-of-nonfarm-payrolls-release\" rel=\"nofollow noopener\" target=\"_blank\">collapses of Silicon Valley Bank<\/a> and Signature Bank, <a href=\"https:\/\/www.reuters.com\/legal\/transactional\/europe-less-able-than-us-contain-crypto-bank-shocks-unicredit-director-says-2026-05-28\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Reuters reported<\/a>.<\/p>\n<p>Speaking at a banking conference hosted by Madrid\u2019s IESE Business School, Carletti said the U.S. decision to protect all deposits, including funds held by stablecoin issuers, helped stabilize crypto markets during the crisis.<\/p>\n<p>\u201cThe same decision cannot be easily taken in Europe,\u201d Carletti said.<\/p>\n<p>The comments come as the European Union\u2019s Markets in Crypto-Assets regulation, <a href=\"https:\/\/www.coindesk.com\/policy\/2026\/05\/20\/eu-opens-mica-consultation-to-review-if-crypto-framework-is-still-fit-for-purpose\" rel=\"nofollow noopener\" target=\"_blank\">known as MiCA<\/a>, pushes stablecoin issuers closer to traditional banks. The rules require certain stablecoin reserves to be held in liquid assets such as bank deposits and government securities.<\/p>\n<p>That link could have become a problem during the Silicon Valley Bank collapse in March 2023. Circle, issuer of the USDC stablecoin, revealed <a href=\"https:\/\/www.coindesk.com\/business\/2023\/03\/11\/circle-confirms-33b-of-usdcs-cash-reserves-stuck-at-failed-silicon-valley-bank\" rel=\"nofollow noopener\" target=\"_blank\">that $3.3 billion of its reserves<\/a> were held at the bank at the time of the crisis. USDC briefly lost its dollar peg as investors rushed to redeem tokens.<\/p>\n<p>U.S. regulators later guaranteed all deposits at SVB and Signature Bank, including balances above federal insurance limits, helping restore confidence in crypto markets.<\/p>\n<p>Carletti warned that Europe\u2019s deposit guarantee system, which generally protects up to 100,000 euros ($116,500) per depositor per bank, may not be able to absorb similar stress if large stablecoin reserve accounts come under pressure.<\/p>\n<p>&#8220;That means that we are forcing a certain alliance of stablecoin and \u2060crypto \u200bproviders with the banking sector without the \u200bpossibility of extending insurance in the same way, and that to me is a double \u200bform of weakness,&#8221; she added.<\/p>\n","protected":false},"excerpt":{"rendered":"Europe may struggle to contain a financial shock tied to crypto firms and banks because its crisis tools&hellip;\n","protected":false},"author":2,"featured_media":974315,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5174],"tags":[2000,299,5187,2443,34950],"class_list":["post-990622","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eu","tag-eu","tag-europe","tag-european","tag-regulation","tag-stablecoins"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/116653499859989737","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/990622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=990622"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/990622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/974315"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=990622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=990622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=990622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}