Some Coinbase users are airing frustration at the region’s MiCA laws, which is forcing the exchange to stop offering yield on USDC in the European Economic Area.
Coinbase users in Europe have shared frustration over the region’s crypto regulations after the exchange revealed it is nixing its yield offering on the dollar-pegged stablecoin USD Coin (USDC) for certain users.
In a Nov. 28 email that multiple recipients posted on X, Coinbase said due to the European Union’s Markets in Crypto-Assets (MiCA) laws for stablecoins, it “will be sunsetting the USDC rewards program” on Dec. 1.
The change will affect customers in the European Economic Area (EEA), a 30-nation bloc that includes all 27 EU member states along with Iceland, Norway and Liechtenstein. The email adds that those eligible will still accrue rewards for the next two days until Nov. 30.
