Tether CEO: The recent MiCA law passed by the EU (at least 60% of stackcoins held in EU bank accounts) poses a threat to stackcoins

The problem with MiCA is that instead of making the system safer, it actually creates an incredibly large systemic risk
He also noted that cash deposits in the EU are only insured for up to $100,000, which is insufficient for large steblecoin issuers like Tether.

Ardoino cited the collapse of California's Silicon Valley Bank (which had significant USDC reserves) in 2023 as a cautionary tale.