It depends. Income must be reported starting at $1, if you have a taxable transaction. If you did not sell or exchange your Coinbase rewards yet then you don't have anything to report.
Once redeemed, sold or exchanged then you have a taxable event. Anything received in exchange for your reward will become a taxable event.
Will I need to report earnings on my USDC Rewards?
US customers that are subject to US tax reporting are required to report their earnings from USDC Rewards. US customers that earn over $600 in USDC rewards will receive a 1099-MISC from Coinbase. You can learn more about the 1099-MISC on the official website of the IRS. Each reward distributed at the end of the month will populate as a line item in your Transaction history report.
If you have complete control and the ability to transfer, sell, exchange or otherwise dispose of the Coinbase, then it becomes taxable on that day.
[Edited: 03/28/2021 | 12:12p PST]
@kintlekofer
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