🗣️ “The problem I have with MiCA is that instead of making the system safer, it actually creates an incredibly large systemic risk”
Tether CEO Paolo Ardoino expresses concerns about MiCA, which poses a systemic risk not only to stablecoins, but also to the broader banking system.
The MiCA regulation, which came into force on June 30, imposes strict limits on stablecoin operations in the EU.
In particular, it requires that at least 60% of the reserves backing stablecoins must be held in EU bank accounts.
He further pointed out that EU cash deposits are only insured for a maximum of $100 ,000, an amount insufficient for large stablecoin issuers like Tether
https://cointelegraph.com/...
Tether CEO Paolo Ardoino expresses concerns about MiCA, which poses a systemic risk not only to stablecoins, but also to the broader banking system.
The MiCA regulation, which came into force on June 30, imposes strict limits on stablecoin operations in the EU.
In particular, it requires that at least 60% of the reserves backing stablecoins must be held in EU bank accounts.
He further pointed out that EU cash deposits are only insured for a maximum of $100 ,000, an amount insufficient for large stablecoin issuers like Tether
https://cointelegraph.com/...
4 months ago
