EU Citizens Demand Stablecoin Perks Amid Central Banks' Resistance
Stand With Crypto EU claims more than 50,000 Europeans emailed the European Commission about stablecoin rewards and perks. These emails were part of a campaign that also gathered over 126,600 signatures on a separate petition calling for broader changes to MiCA's stablecoin rules.
The European central banks want the ban on stablecoin rewards to remain in place, covering indirect incentives as well. They argue that electronic money is intended for making payments, not saving, and suggest ditching the rule requiring stablecoin issuers to hold at least 30% of reserves as bank deposits.
Stand With Crypto EU argues that people who choose regulated stablecoins should receive similar benefits to those from banks or e-money payment products. The group points out that in the US, the GENIUS Act banned U.S. stablecoin issuers from paying interest but allowed exchanges to offer rewards.