Coinbase will stop the USDC rewards program in Europe on December 1

ChainCatcher news, according to CryptoSlate, due to the upcoming Markets in Crypto-Assets (MiCA) regulations, Coinbase will stop offering rewards to USDC holders located in the European Economic Area (EEA) on December 1.

Coinbase stated that this move is a result of new requirements for electronic money tokens, which is the labeling of stablecoins under MiCA. Users will continue to earn rewards on their USDC balances until November 30, and payments will be made within the first 10 business days of December.

Coinbase's USDC rewards program is available in over 100 jurisdictions. It generates daily yield based on the user's USDC balance on the exchange, and the annual percentage yield (APY) varies depending on the user's location.