The post Bitgo CEO Warns Europe’s MiCA Rules Could Trigger a Massive Stablecoin Crisis appeared on BitcoinEthereumNews.com.
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 Mike Belshe, CEO of Bitgo, one of the largest custody providers in the crypto industry, believes that current cryptocurrency regulation in Europe might contribute to a potential stablecoin debacle. On social media, Belshe explained that the Markets in Crypto Assets (MiCA) regulation exposes the stablecoin ecosystem in Europe to systemic risks, forcing stablecoin issuers to hold reserve balances in traditional banks that follow fractional reserve standards. “That creates a direct link betwe
Raydium (RAY), a decentralized exchange on the Solana (SOL) blockchain, said Wednesday that it had suffered a $1.34 million exploit tied to its retired automated market maker, or AMM, V3 program. Raydium Pools Drained The protocol said the attacker removed about 150,000 RAY, 5,600 SOL, and nearly 900,000 of Circle’s USDC stablecoin from Raydium pools involving RAY-SOL, USDC-RAY, and SRM-RAY. Raydium attributed the compromise to a weakness in how the older AMM V3 handled liquidity provider (LP) mints. The platform said the vulnerability “stemmed from insufficient validation of the LP mints, which in practice allowed the attacker to bypass intended proportion checks. Related Reading: Prediction Markets’ Wild West Days May Be Over: CFTC Drafts Its First Major Framework According to the description of the mechanism, because the legacy AMM V3 program did not properly verify the LP mint address, an attacker was able to create a new mint and use it as the LP token, letting it evade the chec
Solflare Packs could boost USDC transactions on Solana but may face regulatory scrutiny and trust issues due to its gacha model and centralized elements.
The post Solflare launches Solflare Packs, bringing graded card trading directly into your crypto wallet appeared first on Crypto Briefing.
BitGo's Spark Savings could accelerate institutional adoption of DeFi by offering secure, regulated access to decentralized credit markets.
The post BitGo launches Spark Savings for direct capital movement into credit markets appeared first on Crypto Briefing.
BitGo's Fortune 500 debut highlights the growing mainstream acceptance and financial viability of digital asset infrastructure companies.
The post BitGo debuts at No. 273 on the Fortune 500, a first for digital asset infrastructure appeared first on Crypto Briefing.
Circle's expansion in the Philippines highlights stablecoins' growing role in global remittances, potentially reshaping financial ecosystems.
The post Circle expands USDC-powered payouts in the Philippines through its payments network appeared first on Crypto Briefing.
WalletConnect Pay's Solana integration enhances multi-chain payment flexibility, potentially boosting crypto adoption by simplifying merchant transactions.
The post WalletConnect Pay adds Solana support for instant payments with SOL, USDC, and USDT appeared first on Crypto Briefing.
The integration of real-world payment infrastructure with DeFi lending enhances liquidity options, but it also introduces new risk management challenges.
The post Morpho enables USDC borrowing for Huma Finance’s PST holders through RockawayX vault appeared first on Crypto Briefing.
The EU's MiCA expansion could reshape DeFi and crypto markets, impacting innovation, regulatory compliance, and market dynamics globally.
The post EU consults on bringing DeFi, prediction markets, and crypto perps under MiCA appeared first on Crypto Briefing.
