If I understand the regulations in the US correctly, don't micropayments, implemented like this, just create absurd reporting requirements for the parties involved, instead of the facilitator of the transaction?

Unless I'm confused, it seems like for a US taxpayer, this mechanism would require that their federal income tax return include, either on an 8949 or an attached statement, an itemized list of every single transaction they made for every single search over an entire year.

I had something like 30¢ of interest income from one bank this year. I entered it on the free fillable form for my federal taxes, but it rounded it to zero.

I looked through the instructions on the forms, and they say you may round to the nearest dollar. In theory, I think you'd need to compute capital gains (sell price - purchase price) at each transfer, but I expect in practice they'd almost all round to zero since USDC is supposed to be equal to the value of the US dollar.