More than 50,000 Europeans have urged the European Commission to reconsider restrictions on stablecoin rewards under the Markets in Crypto-Assets (MiCA) framework. The campaign calls for regulated stablecoins to offer incentives such as cashback, loyalty benefits and fee reductions. At the same time, European central banks are pushing for the existing ban on stablecoin interest to be expanded to cover indirect yield-generating activities.
Key Overview
- More than 50,000 Europeans contacted the European Commission during its MiCA consultation.
- A separate petition has gathered more than 126,000 signatures.
- Campaigners want regulated stablecoins to offer cashback, loyalty rewards and fee discounts.
- MiCA currently prohibits interest payments on certain stablecoins.
- European central banks want restrictions extended to lending, borrowing and staking.
- The European Commission closed its MiCA review consultation on September 30.
50,000 Europeans Push for Stablecoin Rewards
More than 50,000 Europeans have asked the European Commission to loosen restrictions on rewards linked to stablecoins as Brussels reviews the EU’s crypto regulatory framework. The campaign was organised by Stand With Crypto EU and focused on allowing regulated stablecoin providers to offer incentives to users.
The campaign called for benefits including cashback, loyalty benefits and fee reductions, arguing that regulated stablecoins should be able to provide more competitive features to users.
The campaign came as the European Commission’s consultation on the MiCA framework reached its September 30 deadline. A separate petition supporting a more permissive approach to stablecoins had also collected more than 126,000 signatures.
What Campaigners Want Changed
At the centre of the debate is how regulated stablecoins can reward users.
Campaigners want MiCA-compliant stablecoins to be able to provide benefits that could include cashback, loyalty programmes and discounts on fees. They also support allowing users to receive part of the returns generated by assets held in stablecoin reserves.
The argument is that current restrictions could make euro-denominated stablecoins less competitive compared with bank deposits and other financial products that provide customer benefits.
The campaign’s scale has also attracted attention. More than 50,000 people reportedly contacted the Commission, while the separate petition exceeded 126,000 signatures.
MiCA Already Restricts Stablecoin Interest
MiCA already prohibits issuers and crypto-asset service providers from paying interest on certain stablecoins.
The rules also treat certain benefits linked to the length of time a user holds a token as interest. This means the debate is not simply about conventional interest payments, but also about whether other reward mechanisms could have an equivalent economic effect.
The existing framework is therefore becoming a key point of discussion as the EU considers whether MiCA remains appropriate for a rapidly changing crypto market.
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Central Banks Want Tighter Restrictions
While campaigners are asking for greater flexibility, European central banks are advocating for stricter rules.
The European System of Central Banks has called for the existing prohibition on stablecoin interest to extend to lending, borrowing and staking arrangements that generate yield.
The central banks have also proposed replacing certain requirements for stablecoin issuers to hold reserves in bank deposits with liquidity thresholds. The proposal reflects concerns that a sudden stablecoin redemption could require issuers to withdraw large amounts of money from banks quickly, potentially creating additional pressure on the banking system.
The debate therefore presents two competing approaches: campaigners are seeking more flexibility to make regulated stablecoins more attractive, while central banks are focused on limiting potential financial and liquidity risks.
Why the MiCA Review Matters
The European Commission’s consultation was designed to assess whether MiCA remains suitable after its first years of application and amid changes in the crypto market.
The outcome could influence how stablecoins are designed and distributed across the European Union. Campaigners argue that allowing regulated stablecoins to offer more benefits could support their adoption and competitiveness, particularly for euro-denominated tokens.
Central banks, meanwhile, are concerned that stablecoins offering yield-like benefits could increasingly compete with traditional bank deposits and potentially affect financial stability.
The Commission has not yet announced definitive changes to the rules. The consultation responses will feed into the broader MiCA review, which could eventually result in proposals to amend or supplement the framework.
Outlook
The debate over stablecoin rewards is now moving into the next stage of the MiCA review. More than 50,000 public submissions have added pressure for greater flexibility, while central banks are calling for the existing restrictions to be maintained and potentially expanded.
For the European crypto industry, the eventual direction of MiCA could determine how regulated stablecoins compete, what incentives platforms can provide and how closely crypto-based financial products can resemble traditional financial services.
FAQs
1. What are Europeans asking the EU to change?
Campaigners want regulated stablecoins to be allowed to provide benefits such as cashback, loyalty rewards and fee reductions.
2. How many Europeans participated in the campaign?
More than 50,000 Europeans reportedly contacted the European Commission during the MiCA consultation.
3. What do European central banks want?
They want the prohibition on stablecoin interest to also cover certain lending, borrowing and staking arrangements that generate yield.
4. Has the EU already changed MiCA?
No. The consultation has closed, but the European Commission has not yet announced definitive changes to the framework.
Sources: Cointribune | LCX | BigGo Finance
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