Over 50,000 Europeans Seek Less MiCA Stablecoin Rules
BITmarkets Team
Oct 06, 2026
The campaign coincided with the Commission closing its MiCA review consultation. Stand With Crypto EU is advocating for regulated stablecoin providers to be permitted to offer incentives such as cashback, loyalty benefits and reduced fees. The organization said more than 50,000 supporters contacted the Commission during the consultation period. Separately, more than 126,000 people have signed its petition supporting a more flexible European approach to stablecoins.
Campaign targets MiCA stablecoin reward restrictions
MiCA currently prohibits stablecoin issuers and crypto service providers from paying interest on stablecoins. Stand With Crypto argues that the restriction places stablecoins at a competitive disadvantage compared with bank deposits and other electronic money products that can provide customers with various benefits.
According to the group, its campaign generated more than six times the 8,221 responses received during the European Central Bank’s digital euro consultation. Participation also substantially exceeded the 198 responses submitted during the European Commission’s 2020 consultation on cryptocurrency regulation. “We are calling on the Commission to use the MiCA review to allow regulated stablecoins to offer rewards to holders,” Stand With Crypto EU general manager Harry Pearce Gould told Cointelegraph.
Stand With Crypto calls for greater EU competitiveness
When asked whether Europe could draw lessons from regulatory approaches outside the bloc, Pearce Gould highlighted developments in the United States. “The US has made a clear choice to back stablecoins as the settlement layer for tokenisation. Europe doesn’t need to copy that, but it does need to compete with it.”
He argued that allowing rewards could encourage greater adoption of euro-denominated stablecoins and improve their ability to compete with US dollar-backed alternatives. “Strong euro stablecoins matter for the euro’s global standing and the EU’s payment sovereignty,” he said.
European Central Banks propose stricter yield rules
The campaign comes as European central banks are advocating for separate changes to MiCA’s stablecoin provisions. In a Sept. 22 response to the Commission’s MiCA review, the European System of Central Banks (ESCB) proposed expanding the existing prohibition on stablecoin interest to cover lending, borrowing and staking arrangements that generate yield.
The ESCB also recommended replacing requirements for stablecoin issuers to maintain a minimum proportion of their reserves as bank deposits with liquidity-based thresholds. The central banks argued that existing requirements could put pressure on lenders if a stablecoin run forced an issuer to withdraw substantial deposits within a short period.
The ECB has separately raised concerns about a potential liquidity mismatch because stablecoin transactions can settle around the clock, while some of the assets backing them remain subject to traditional financial-market settlement schedules.
These proposals form part of broader ECB concerns surrounding the potential implications of stablecoins for financial stability. In May, ECB President Christine Lagarde warned that deposits moving from traditional banks into stablecoins could reduce banks’ lending capacity and weaken monetary policy transmission. She instead argued that Europe should prioritize tokenized financial infrastructure supported by central bank money.
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