MiCA rules force Coinbase to halt USDC yields
Coinbase plans to delist non-compliant stablecoins, including Tether’s EURT.
Coinbase has announced it will end its USDC Rewards programme in the European Economic Area (EEA) on 1 December, citing the region’s incoming MiCA regulations as the reason. Customers eligible to earn rewards on their USD Coin balances can do so until 30 November, after which the service will cease. The EEA includes 30 nations, comprising 27 EU member states alongside Iceland, Norway, and Liechtenstein.
MiCA’s regulations, introduced in June, impose strict standards for stablecoin issuers, including a ban on offering interest for stablecoin holdings. The move has drawn criticism, with figures like Paul Berg, co-founder of Sablier, and Ripple’s David Schwartz calling the rules counterproductive to consumer interests.
Coinbase had previously announced plans to delist non-compliant stablecoins by the end of the year, including Tether’s Euro-pegged EURT. Tether recently confirmed it will cease support for EURT and shift focus towards MiCA-compliant tokens, such as EURQ and USDQ. The new framework is set to fully take effect by 30 December.
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