Paolo Ardoino, Tether's CEO, has voiced concerns about Europe's Markets in Crypto-Assets (MiCA) law, stating it poses a significant risk to stablecoins. In a recent interview, Ardoino explained that Tether has not registered a company in Europe due to these regulatory concerns. According to Ardoino, MiCA's requirement that 60% of stablecoin reserves be held as cash in European banks could lead to bank instability and potential bankruptcies, especially for smaller institutions. He argues that managing large stablecoin reserves that are readily redeemable could restrict banks' asset management options, increasing the risk of bank runs due to mass redemptions. Ardoino believes compliance with MiCA presents dangers not only for stablecoins but also for small and medium-sized banks, highlighting the need for careful consideration of the law's impact on the financial system. ```