Elena Carletti, Vice-Chair of the Board of Directors at Unicredit, a major European banking group, stated that Europe's deposit protection system is limited, and it might be difficult to control a financial crisis involving cryptocurrencies and banks. According to CoinDesk, she explained, "The full deposit protection measures demonstrated by US regulators during the bankruptcies of Silicon Valley Bank (SVB) and Signature Bank in 2023 would be difficult to implement in Europe. Europe's deposit protection limit is, in principle, capped at 100,000 euros per person, making it impossible to provide US-style comprehensive bailout in the event that accounts of stablecoin issuers with large reserves face a crisis."
