ChainCatcher reported that according to CryptoSlate, due to the upcoming Crypto Asset Market (MiCA) regulations, Coinbase will stop providing rewards to USDC holders located in the European Economic Area (EEA) on December 1.
Coinbase said the move is the result of new requirements for e-money tokens, which is how 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 the user’s USDC balance on the exchange, with an annual percentage yield (APY) that varies depending on the user’s region.
