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There are a number of common scenarios where we require to be able to either link coupons to multiple discounts (currently to 1 relationship), or remove the restriction on a single coupon code value being active at one time. (Ideally the former so you can respect the single use etc. logic).

Scenario 1: Triggering multiple discounts/discount types from a single coupon code - for example, With this coupon get 20% off X and free shipping

Scenario 2: Enabling different discounts on different days, using the same coupon ('Catch of the day' style). E.g. On Monday's Get 20% Off Mens Shoes, On Tuesday's and Wednesday's Get 10% Off Selected Accessories, At the weekend Get...
(This can be set up with separate discounts with the discount period set to apply on the correct day for each - but they cannot share the same coupon code).
STATUS DETAILS
Declined
Ideas Administrator

We do not have plan to support linking one coupon to multiple discounts. Regarding using single coupon code for multiple times, you can leverage the "usage limit" setting on coupon configuration to achieve so. Check feature article Coupons - Commerce | Dynamics 365 | Microsoft Learn to learn more. - Boyce Zhu, Principal Product Manager for Dynamics 365 Commerce