French Authorities Urge EU to Allow Conditional Stablecoin Rewards

Four French financial authorities are urging the European Union to allow some third-party stablecoin rewards under safeguards, setting their MiCA review position against a central-bank push for a wider ban. The proposal concerns electronic money tokens (EMTs), a MiCA category of stablecoins tied to one official currency. Its coauthors are Direction générale du Trésor, Autorité des marchés financiers (AMF), Banque de France and Autorité de contrôle prudentiel et de résolution (ACPR). The authorities would permit indirect rewards, including payments from platforms or other third parties, returns from funds holding EMTs and returns linked to EMT settlement.