‘Like Spitting on a Fire’: Tether CEO Slams EU Deposit Protections Amid Bank Failure Warnings

Tether CEO Paolo Ardoino is sounding the alarm on Europe’s financial system, warning that a wave of bank failures could hit the continent in the near future due to the intersection of risky lending and new cryptocurrency rules.Ardoino, during an interview with the Less Noise More Signal podcast, took aim at the European Union’s regulatory framework for stablecoins, which he said pushes companies like Tether to keep the bulk of their reserves—up to 60%—in uninsured bank deposits.In his scenario, that could mean holding 6 billion euros of a 10 billion euros-pegged stablecoin in small banks with minimal protection. “The bank insurance in Europe is only 100,000 euros,” he said source: https://www.coindesk.com/markets/2025/05/03/like-spitting-on-a-fire-tether-ceo-slams-eu-deposit-protections-amid-bank-failure-warnings