MiCA's 60% uninsured cash deposit clause is indeed outrageous. Small banks can't withstand bank runs. The safety of 400 million users is no joke. Ardoino's hard stance is justified.

Coin Bureau reported that, according to Coin World News, Tether CEO Paolo Ardoino explained why USDT has not applied for an EU MICA license, saying the regulation is very dangerous for stablecoins. He said MICA could force issuers to place 60% of their reserves in uninsured cash deposits at small European banks, which may be unable to handle large-scale redemptions. Ardoino believes the legislation is ill-considered and said that skipping MICA is to protect Tether’s more than 400 million users.