Elena Carletti, UniCredit deputy vice chair, warned that Europe may struggle to contain a crypto-linked banking crisis under MiCA. She said the framework faces a “double vulnerability” because EU deposit guarantee schemes typically protect only up to 100,000 euros per depositor per bank, leaving large stablecoin reserve accounts exposed if a bank comes under stress. Her remarks sharpen concern that as stablecoin-related banking links grow, existing safeguards in Europe may prove insufficient to limit contagion between crypto markets and the banking system.