TLDR
- More than 50,000 Europeans wrote to the European Commission asking it to allow stablecoin rewards during the MiCA review.
- The consultation closed on September 30, and advocacy group Stand With Crypto EU organized the campaign.
- Current MiCA rules block stablecoin issuers from paying interest, cashback, or loyalty rewards to holders.
- European central banks want the rules tightened further, extending the ban to lending, staking, and borrowing products.
- Over 126,000 people have signed a separate petition pushing for friendlier EU stablecoin rules.
More than 50,000 people across Europe sent letters to the European Commission this week. They want regulators to loosen rules that stop stablecoin companies from offering rewards to users.
NEW: 50,000+ Europeans are pushing back on strict stablecoin rules. 🇪🇺
They want MiCA changed so regulated stablecoins can offer cashback, loyalty perks and fee discounts.
Europe’s stablecoin rules are already facing pressure from users. pic.twitter.com/FLmpupN3vF
— CryptosRus (@CryptosR_Us) October 2, 2026
The messages were part of a public consultation on the Markets in Crypto-Assets Regulation, known as MiCA. That consultation closed on September 30.
A crypto advocacy group called Stand With Crypto EU organized the campaign. The group announced the results in a press release on Thursday.
What The Current Rules Say
Under MiCA, companies that issue stablecoins cannot pay interest to the people who hold them. This also applies to other perks like cashback or loyalty points.
Stand With Crypto EU says this puts stablecoins at a disadvantage. Bank accounts and other e-money products can still offer these kinds of rewards to customers.
The group wants the Commission to change this as part of its MiCA review. They are asking for regulated stablecoin providers to be allowed to offer cashback, loyalty benefits, and fee reductions under clear rules.
Harry Pearce-Gould is the general manager of Stand With Crypto EU. He said the response shows real demand from everyday users.
“These are people who use stablecoins, understand what the rewards ban means for them, and want to be heard before the Commission decides what comes next for MiCA,” he said.
The campaign drew far more responses than past EU crypto consultations. It generated about six times as many letters as the European Central Bank’s 2021 consultation on the digital euro.
It also beat the 198 responses the Commission received during its original 2020 consultation on crypto rules.
Central Banks Want Tighter Rules, Not Looser Ones
While crypto users are asking for more freedom, European central banks are pushing in the opposite direction.
On September 22, the European System of Central Banks sent its own response to the MiCA review. The central banks asked the Commission to extend the current ban on stablecoin interest.
They want the ban to also cover crypto lending, borrowing, and staking products. These products can generate indirect returns for stablecoin holders, similar to interest.
The central banks also raised concerns about how stablecoin reserves are held. They proposed replacing current rules, which require issuers to keep a set share of reserves in bank deposits, with new liquidity requirements instead.
Their reasoning is that a sudden stablecoin sell-off could force issuers to pull deposits from banks quickly. That could create problems for the banks involved.
The European Central Bank has raised similar concerns before. In June, it pointed out that stablecoins can be moved and traded at any time, while the assets backing them may not settle as quickly.
ECB President Christine Lagarde spoke about this issue in May. She warned that money moving from bank accounts into stablecoins could reduce how much banks are able to lend out.
Beyond the letter campaign, Stand With Crypto EU says more than 126,000 people have signed a petition. The petition calls for the EU to adopt a more open approach to stablecoins overall.
The group lists several crypto and finance firms as partners, including Boerse Stuttgart Digital and IOTA. Stand With Crypto itself was started by Coinbase in 2023 and has since grown its reach into the UK and Europe.
The European Commission has not yet said when it will publish the results of its MiCA review or propose any rule changes.
