Coinbase Discontinues USDC Earn Program in Europe in Compliance with MiCA Regulation

Coinbase has decided to discontinue its USDC Earning Program in Europe in compliance with the Markets in Crypto Assets (MiCA) regulation. This regulation requires stablecoins to have an e-money license from at least one EU member state, which has a significant impact on non-compliant stablecoins such as Tether (USDT).

From December 30, 2024, Coinbase will discontinue support for non-compliant coins, while Circle's USDC is one of the stablecoins that has received a MiCA license and will continue to be supported. The move reflects Coinbase's commitment, along with other exchanges such as OKX and Binance, to ensure compliance with the new regulations. They also plan to provide the option for users to switch to MiCA-compliant stablecoins.

This change highlights the importance of regulatory compliance in Europe and its impact on the entire stablecoin market in the region.