UniCredit warned that Europe may not be able to contain a crypto-bank crisis the way the US did during the 2023 SVB collapse. The core issue: EU deposit insurance only covers up to €100K per account, while stablecoin issuers may hold billions in bank reserves. POV: This exposes a major weakness in Europe's stablecoin framework. MiCA regulation may improve compliance and transparency… but it does not solve the real systemic risk: what happens if a bank holding stablecoin reserves suddenly fails? The more crypto and banking become interconnected, the more stablecoins stop being just a "crypto story" and start becoming a financial stability issue.