We call on the European Commission to:

1. Bring back stablecoin “Earn” — lift MiCA’s ban on passing through yield when backed by safe, interest-bearing assets.
2. Preserve access to global stablecoins that meet strong transparency and reserve standards.
3. Recognise stablecoins in capital markets as settlement assets and collateral for a 24/7 digital financial system.
4. Promote euro-denominated stablecoins to anchor the euro in digital payments and capital markets.
5. Support stablecoins as digital payment infrastructure — powering faster, cheaper, programmable transactions for cross-border trade and AI-driven commerce.

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Stablecoins are transforming how money moves, enabling instant, low-cost payments, global liquidity, and new digital markets. Around the world, clear rules are unlocking innovation and integrating stablecoins into financial infrastructure.

Europe risks falling behind. MiCA’s restrictions on yield and challenges to global stablecoin business models could limit choice, fragment liquidity, and weaken the euro’s position in the digital economy. While the EU rightly explores a digital euro, that effort should complement, not replace, privately issued, fully backed stablecoins that drive innovation and global competitiveness.

A pro-innovation stablecoin strategy would empower users, strengthen monetary sovereignty, and make Europe a leader in the next generation of payments and tokenised finance.