Coinbase will stop offering rewards to USDC holders based in the European Economic Area (EEA) on Dec. 1, due to upcoming Markets in Crypto-Assets (MiCA) regulations, according to an email sent to customers on Nov. 28.
Coinbase said the move is a result of new requirements for e-money tokens, which is what stablecoins are labeled under MiCA. Users will continue to accrue yield on their USDC balances until Nov. 30, with value paid out during the first 10 business days of December.
Coinbase’s USDC rewards program is available in more than 100 jurisdictions. It generates a daily yield based on a user’s USDC balance on the exchange, with the annual percentage yield (APY) varying depending on the user’s region. (CryptoSlate)