France’s Direction générale du Trésor, Autorité des marchés financiers, Banque de France, and Autorité de contrôle prudentiel et de résolution support maintaining the ban on issuers paying interest or equivalent compensation on e-money tokens. They argue that such returns could turn stablecoins into investment products, increase their volatility, and destabilize bank funding. However, they favor regulating rewards paid indirectly by crypto-asset service providers or platforms, as permitted under the US GENIUS Act. They propose entrusting the European Banking Authority with defining the conditions for such remuneration, while interest remains prohibited on asset-referenced tokens.
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