A recent campaign led by the crypto advocacy group Stand With Crypto EU has garnered over 50,000 letters urging the European Commission to reconsider its stance on stablecoin rewards as part of the ongoing review of the Markets in Crypto-Assets (MiCA) framework.
The group advocates for regulated stablecoin providers to be permitted to offer incentives such as cashback, loyalty benefits, and fee reductions. This push comes as the Commission wraps up its consultation on MiCA, with Stand With Crypto EU highlighting that more than 126,000 people have signed their petition for a more favorable EU approach to stablecoins.
Currently, MiCA prohibits issuers from paying interest on stablecoins, which Stand With Crypto argues puts them at a disadvantage compared to bank deposits and other e-money products that can provide customer benefits. The campaign's response rate far exceeded previous consultations, indicating strong public support for the proposed changes.
Stand With Crypto EU's general manager, Harry Pearce Gould, emphasized the need for Europe to compete with the U.S. in the stablecoin space, suggesting that allowing rewards could enhance the adoption of euro-denominated stablecoins and strengthen the euro's global standing.