EU Stablecoin Rewards Campaign Draws Over 50,000 Emails Amid MiCA Review

A public campaign in the European Union has generated over 50,000 emails to the European Commission, urging it to loosen restrictions on stablecoin rewards. The campaign, organized by Stand With Crypto EU, landed just as Brussels closed the public comment window for its review of MiCA, the bloc's crypto-asset rulebook.

The MiCA rulebook currently bars single-currency stablecoins from paying interest directly, forcing issuers and platforms to shut down reward programs in the EU. Advocates argue that allowing regulated stablecoins to offer rewards would help euro-denominated stablecoins gain adoption against dollar-backed rivals, improving the euro's global standing and the EU's payment sovereignty.

Crypto industry voices warn that Europe risks losing talent and business if its rules stay tighter than those overseas. Pierre-Andréa Bozicas of 50 Partners stated, 'When Europe's rules make stablecoin products less competitive than those in the US or Asia, the best teams and the talent they hire will follow the markets where they can compete.'

The European Central Bank wants to keep the ban on stablecoin rewards, extending it to indirect perks such as cashback, loyalty benefits, and fee reductions. They argue that electronic money should be used for making payments, not saving.