In the quest to find approaches to prepare food grade Pickering emulsions, we studied the formation and stability to coalescence of colloidal lipid particle (CLP)-stabilized emulsions within a cross-flow microfluidic device. We show that the particles can either stabilize or destabilize the emulsions depending on the particle adsorption rate versus droplet formation rate, and on the resulting surface coverage when the droplet is formed. At low surface coverage, when droplet formation is significantly faster than adsorption, CLPs have a destabilizing effect as incomplete surface coverage leads to droplet-droplet bridging. At high surface coverage, the dense particle layer results in an effective barrier against droplet coalescence, resulting in physically stable emulsions. The observed non-monotonic dependency of emulsion droplet stability on surface coverage of CLP-stabilized emulsions is in stark contrast to what is observed for conventional surfactant-stabilized emulsions, and thus should be taken into account for the rational design of Pickering emulsions.