According to an email sent on November 28, Coinbase has announced that it will stop rewarding USD Coin (USDC), located in European Economic Areas (EEA), on December 1, due to the upcoming Markets in Crypto-Assets regulation (MiCA).
Exchange said that the change is due to the MiCA’s new regulations for stablecoins. Users can continue to earn yield on their USDC until the 30th of November, with value being paid in the first 10 working days of December.
Coinbase’s USDC rewards program is available in over 100 jurisdictions. It generates daily yields over users’ USDC balances in the exchange, and the annual percentage yield (APY) varies depending on the user’s location.
Run for compliance
The MiCA regulations for stablecoins prompted several crypto firms to take steps to adapt to an evolving market. Coinbase announced in October, that It plans to remove MiCA will remove all stablecoins which are not compliant from its platform, in the jurisdictions where MiCA operates.
Bitstamp Delisted Tether’s euro-pegged stablecoin Tether EURt (EURt) for not meeting MiCA requirements, while Binance decided You can also find out more about the following: limit services In June, there was a discussion about unregulated stablecoins..
Tether, a stablecoin issuing company, has taken steps to comply with regulatory requirements. The crypto company Tether announced on November 18 that it had taken steps to ensure regulatory compliance. Quantoz is a Dutch fintech startup. Stablecoins EURQ & USDQ that are MiCA compliant will be created in greater numbers.
Tether On November 27, it announced that support for its stablecoin EURt, pegged to the euro, would cease. Tokens may be redeemed by holders until Nov. 27th, 2025.
The company’s CEO Paolo Ardoino stated that the focus will be on other projects until then. “more risk-averse regulatory framework”There are ; in Europe. MiCA, according to him, could pose systemic banking risks.
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