More than 50,000 people across Europe have sent letters to the European Commission this week, calling on regulators to loosen rules that currently prevent stablecoin companies from offering rewards to their users. The letters were submitted as part of a public consultation on the Markets in Crypto-Assets Regulation, widely known as MiCA, which closed on September 30. The volume of participation underscores what is at stake for European stablecoin users: the review's conclusions will help determine whether holders of regulated stablecoins can receive perks comparable to those available on conventional bank and e-money products.

The campaign was organized by Stand With Crypto EU, a crypto advocacy group that announced the results in a press release on Thursday. Stand With Crypto EU said the response represents the largest show of public input the EU has received on its crypto framework to date.

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

What the Current Rules Say

Adopted in 2023 as the EU’s landmark framework for crypto-asset markets, MiCA has applied to stablecoin issuers since mid-2024 — the first part of the regime to take effect, ahead of its broader rollout to crypto-asset service providers at the end of that year. Under the current rules, companies that issue stablecoins cannot pay interest to the people who hold them, and the restriction also covers other perks such as cashback and loyalty points.

Stand With Crypto EU argues that this puts stablecoins at a disadvantage, because 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, and is asking that regulated stablecoin providers be allowed to offer cashback, loyalty benefits, and fee reductions under clear rules.

Harry Pearce-Gould, general manager of Stand With Crypto EU, said the volume of responses reflects 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, and it also surpassed the 198 responses the Commission received during its original 2020 consultation on crypto rules. Consultation responses feed into the Commission’s work on any follow-up proposals, giving the campaign’s demands a quantifiable measure of public backing as the review moves forward.

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, asking the Commission to extend the current ban on stablecoin interest. The central banks want the prohibition to also cover crypto lending, borrowing, and staking products, which can generate indirect returns for stablecoin holders, similar to interest. The submission puts European central banks directly at odds with the demands of the letter campaign.

The central banks also raised concerns about how stablecoin reserves are held. They proposed replacing the 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, which 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 the issue in May, warning that money moving from bank accounts into stablecoins could reduce how much banks are able to lend out.

Petition and Industry Support

Beyond the letter campaign, Stand With Crypto EU says more than 126,000 people have signed a separate petition calling 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. Together with the letter campaign, the group says the petition is meant to demonstrate broad public backing for a more permissive stablecoin regime across the bloc.

The European Commission has not yet said when it will publish the results of its MiCA review or propose any rule changes, leaving the direction of Europe’s stablecoin rules unresolved for now. When the review’s findings emerge, the signals to watch will be whether the Commission leans toward the campaign’s rewards proposal or the central banks’ push for a wider interest ban and liquidity-based reserve requirements — the two positions now formally on record.