MiCA Won’t Save Us from a Stablecoin Crisis. It Might be Building One
Europe’s landmark crypto regulation, MiCA, was meant to end the “Wild West” era of stablecoins. Proof-of-reserves, capital rules, redemption requirements: on paper, the framework looks reassuring. Yet, in practice, MICA does little to prevent the kind of systemic risks that could emerge once stablecoins become part of the global financial ecosystem. The irony is striking: … Read more