50,000 Europeans call on the EU to relax restrictions on stablecoin rewards as part of the MiCA review

The initiative came in response to the ECB’s proposal to extend restrictions to lending, borrowing, and staking arrangements involving stablecoins. The petition was signed by 126,000 people, and another 50,000 sent letters to the Commission.

The organization Stand With Crypto says this restriction puts EU stablecoins at a disadvantage. They lag behind bank deposits and other electronic money. In addition, by taking this approach, the EU is ceding leadership to the US, including showing little interest in euro-denominated stablecoins. According to DefiLlama, the market capitalization of euro stablecoins is €720 million. That is 376 times smaller than the dollar-pegged equivalents.