France Proposes New Rules For Stablecoin Rewards

France proposes to authorize under conditions the rewards paid to stablecoin holders by platforms, despite the opposition of the European Central Bank. Behind this technical disagreement is mainly Europe’s capacity to develop euro stablecoins capable of competing with their dollar-backed rivals.

Paris Distinguishes Rewards from Bank Interests

The General Directorate of the Treasury, the AMF, the Bank of France, and the ACPR have presented a joint position within the framework of the revision of the MiCA regulation. These four authorities support maintaining the ban on stablecoin issuers directly remunerating holders.

They propose, however, a different treatment when the reward comes from a third party, such as an exchange platform. According to them, these mechanisms “should be regulated rather than simply banned, as they tend to develop in any case”.

The authorization would be accompanied by several safeguards :

• The platform should clearly explain the origin and conditions of the reward ;
• No guaranteed yield could be promised to users ;
• The product should not be presented as a savings solution ;
• Authorities should monitor its effects on bank deposits.

This distinction aims to separate two models. In the first, the issuer remunerates simply holding its stablecoin, which brings the token closer to a deposit. In the second, a company offers a commercial advantage, cashback, or fee reduction without altering the stablecoin’s operation itself.

French authorities consider that these rewards reduce the cost of holding electronic money tokens and can promote financial services available continuously. They also warn that a stricter European framework than that of its competitors would weaken euro-denominated stablecoins.

The ECB Fears Stablecoins Turning into Savings

The European System of Central Banks, which includes the ECB and the national central banks, defends a broader interpretation of the ban. It wishes for it to also cover indirect rewards, fee reductions, and certain loyalty programs.

Its position rests on the legal function of these assets. “Electronic money is intended to be used for payments and not as a means of saving”, states the document sent to the European Commission. Regular remuneration would thus risk blurring the line between stablecoins, investments, and bank deposits.

The ECB also fears a shift of deposits. If users obtain a yield by holding stablecoins on a platform, they might transfer part of their money out of traditional bank accounts. Institutions would then have less stable resources to fund credit.

However, the French opposition must be nuanced. The Bank of France cosigned the national proposal while belonging to the European system that defends a broader ban. So this is not a frontal conflict between Paris and Frankfurt but a disagreement on the exact scope of the rule.

France does not ask for a complete liberalization either. It wants to clarify staking as well as crypto lending and borrowing, with responsibilities assigned to intermediaries and obligations adapted to the risks.

The Real Stake Concerns the Competitiveness of the Private Digital Euro

The relaxation advocated by Paris fits into a broader strategy. French authorities want to accelerate the development of euro stablecoins and tokenized bank deposits, notably for cross-border payments and financial markets operating on blockchain.

Rewards here serve as an acquisition tool. Facing dollar stablecoins already widely used, a euro token without cashback, discounts, or indirect remuneration might struggle to attract users. The question is therefore not only to protect banks but to determine if the Union can build a competitive offer without replicating the risks of a savings product.

Paris simultaneously requests to explicitly ban European authorized providers from offering stablecoins non-compliant with MiCA. The proposal thus combines a limited opening to rewards with a crackdown on tokens operating outside the European framework.

No change has yet been adopted. The Commission’s consultation ended on September 30, 2026, and the positions received must now be examined. The Commission must submit its report on MiCA to the European Parliament and the Council no later than June 30, 2027, with potential legislative proposals.

For users, rewards therefore remain subject to current rules. The debate will mainly determine whether MiCA should prevent any remuneration related to stablecoins or only that which directly transforms these payment tokens into savings products.