{"id":33019,"date":"2024-11-29T18:00:20","date_gmt":"2024-11-29T15:00:20","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=33019"},"modified":"2024-11-29T14:21:25","modified_gmt":"2024-11-29T11:21:25","slug":"coinbase-users-in-europe-upset-by-micas-usdc-update","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/coinbase-users-in-europe-upset-by-micas-usdc-update\/","title":{"rendered":"Coinbase Users in Europe Upset by MiCA’s USDC Update"},"content":{"rendered":"

Coinbase<\/strong> users expressed their frustration with crypto regulations in Europe after the exchange announced it would be ending its yield program on the dollar-pegged stablecoin USD Coin<\/strong> for some users.<\/p>\n

On November 28, Coinbase<\/strong> shared an email on X, stating that due to the European Union’s Markets in Crypto-Assets<\/strong> (MiCA) laws for stablecoins, it would be ending the USDC<\/strong> rewards program on December 1.<\/p>\n

The change will affect customers in the European Economic Area (EEA)<\/strong>, which includes the 27 EU member states, along with Iceland, Norway, and Liechtenstein. The email mentioned that eligible users would continue to accrue rewards until November 30.<\/p>\n

Paul Berg<\/strong>, co-founder and CEO of crypto infrastructure provider Sablier, sarcastically wrote on X on November 28: “Very grateful to the EU for protecting me from earning a yield on my USDC holdings on Coinbase.”<\/p>\n

Related tweet:<\/a><\/p>\n

\"paul\"<\/p>\n

In addition, Mikko Ohtamaa<\/strong>, co-founder of Trading Strategy, wrote on X in a mocking response to the email, “I feel protected.”<\/p>\n

\n

Crypto firms remaining in the EU, such as Coinbase and USD Coin issuer Circle, must fully comply with MiCA<\/strong> laws by December 30. The laws, which came into effect in June 2023, introduced a wide range of strict regulations for crypto firms and stablecoin issuers, including a ban on offering interest on stablecoins or “e-money tokens.”<\/p>\n

David Schwartz, Chief Technology Officer of Ripple Labs, responded to Berg\u2019s post, saying, “It’s funny how often regulations prevent companies from doing things that are unarguably pro-consumer.”<\/p>\n

\n

Meanwhile, Tether, the issuer of the US dollar-backed stablecoin of the same name, announced on November 27 that it is withdrawing support for its euro-pegged token, citing the evolving regulatory frameworks surrounding stablecoins in the European market.<\/p>\n

Still, a group of former Binance<\/strong> executives decided to enter the market with a euro-pegged stablecoin. Their company, Schuman Financial, announced on November 26 that its EUR\u00d8P token would be available within the next two weeks.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Coinbase users expressed their frustration with crypto regulations in Europe after the exchange announced it would be ending its yield program on the dollar-pegged stablecoin USD Coin for some users. On November 28, Coinbase shared an email on X, stating that due to the European Union’s Markets in Crypto-Assets (MiCA) laws for stablecoins, it would<\/p>\n","protected":false},"author":29,"featured_media":33026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,2],"tags":[22,151,2814,9766,9765,943],"class_list":["post-33019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-news","tag-binance","tag-coinbase","tag-mica","tag-mikko-ohtamaa","tag-paul-berg","tag-usdc"],"yoast_head":"\nCoinbase Users in Europe Upset by MiCA's USDC Update - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/coinbase-users-in-europe-upset-by-micas-usdc-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase Users in Europe Upset by MiCA's USDC Update - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Coinbase users expressed their frustration with crypto regulations in Europe after the exchange announced it would be ending its yield program on the dollar-pegged stablecoin USD Coin for some users. 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