Coinbase Puts a Stop to USDC Yields in Europe: MiCA Isn’t Helping

• Coinbase has ended its USDC yield services in Europe.
• The decision came amid the implementation of MiCA in the EU.
• USDC yield will continue until November 30th.

Coinbase, a leading American digital asset trading platform, is pulling the plug on its USDC yield services in Europe, bowing to the pressure of the European Union’s new MiCA regulations. Meanwhile, US regulators are also casting a wary eye on crypto yield products.

The crypto exchange confirmed that the service will end for all its customers in the European Economic Area (EEA) on December 1st. This decision affects Coinbase users in EU member states as well as Iceland, Norway, and Liechtenstein. According to an email, all users of the USDC yield program will continue to earn rewards until November 30th.

Crypto infrastructure provider Sablier’s chief executive, Paul Berg, expressed his frustration about the change, attributing it to the recently introduced MiCA regulations. He sarcastically said that he is “very grateful to the EU” for protecting him against “earning a yield on my USDC holdings on Coinbase.”

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