Bitgo CEO Warns Europe’s MiCA Rules Could Trigger a Massive Stablecoin Crisis

Jun 1, 2026

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Key Takeaways:

Mike Belshe warns MiCA limits insurance to €100K, creating system-wide risks for European stablecoins.Recalling how 1 SVB failure depegged USDC in 2023, Belshe warns the banking sector can crash crypto.Bitgo’s CEO demands better rules to protect billion-euro stablecoin reserves from bank collapses.

Bitgo CEO States MiCA Brings Systemic Risks to Stablecoin Issuers

Nonetheless, at the time, the Federal Reserve backstopped all the deposits and made all customers whole, including Circle, which moved their funds to BNY Mellon shortly afterwards.

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