50,000 Europeans Push for Stablecoin Rewards Under MiCA Review

More than 50,000 people have signed a petition calling on the European Commission to relax rules on stablecoin rewards under the Markets in Crypto-Assets (MiCA) framework. The petition, organized by Stand With Crypto EU, argues that the current MiCA framework prevents stablecoins from competing fairly with bank deposits and other e-money products that can provide customer benefits.

The MiCA consultation concluded on Wednesday, and the group claims that its campaign generated over 50,000 campaign emails to the Commission, with more than 126,000 people signing a separate petition. The group's central argument is that the current MiCA framework prevents stablecoins from competing fairly with bank deposits and other e-money products that can provide customer benefits.

Harry Pearce Gould, general manager of Stand With Crypto EU, said that the group wants the Commission to use the MiCA review to allow regulated stablecoin providers to offer rewards to holders. He added that the incentive model could help euro stablecoins build adoption and compete more effectively with dollar stablecoins.