UniCredit Warns Europe May Struggle to Contain Crypto-Bank Crisis Under MiCA
The European Union's Markets in Crypto-Assets regulation, or MiCA, requires certain stablecoin issuers to back their reserves with liquid assets such as bank deposits and government securities, tightening the links between crypto markets and banks. When Silicon Valley Bank collapsed in March 2023, $3.3 billion of Circle's USDC reserves was trapped, underscoring how a banking crisis can quickly trigger a stablecoin depeg and a wave of redemptions.
On May 28, 2026, Elena Carletti, UniCredit's deputy chair and head of the board's risk committee, warned at an IESE Business School conference in Madrid that EU deposit insurance covers only €100,000 per depositor at each bank. Europe therefore cannot match the United States' full protection of deposits following the failures of SVB and Signature Bank. MiCA strengthens the banking link without providing equivalent rescue tools, creating what Carletti called a “dual vulnerability.”
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The history behind this eventEuropean Banks Go All In on Crypto as MiCA Drives Expansion
The European Union’s Markets in Crypto-Assets Regulation, or MiCA, became fully applicable on December 30, 2024. Its single-authorization and passporting regime replaced fragmented national rules, lowering compliance barriers for banks offering trading, custody and payment services. BBVA, DZ Bank, Société Générale and KBC have consequently integrated crypto into their existing financial platforms, moving digital assets beyond standalone exchanges and into mainstream banking channels.
KBC announced on January 15, 2026, that it would allow Belgian retail customers to trade Bitcoin and Ether through Bolero beginning in the week of February 16, becoming the country’s first bank to offer the service under MiCA. About 60% of the platform’s customers are under 40, while roughly 45% of Belgians in their 30s have already invested in crypto. Reports estimate that EU ownership will rise from 9% in 2024 to 25% by 2030, when annual stablecoin payment volume could exceed $50 trillion.
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