Coinbase enters auction mode for ALIGN-USD trading pair

Coinbase has activated auction mode for the ALIGN-USD trading pair, marking the penultimate step before the Aligned project’s token goes live for full trading on the exchange. During this phase, limit orders are accepted for a minimum of 10 minutes with no matches executed. At the end of the window, all resting orders clear at a single opening price, giving the market a chance to agree on what the asset is actually worth before the frenzy starts. How Coinbase’s auction mechanism works Coinbase has used this same mechanism since at least 2021 across a range of new and restarted order books. Recent examples include MON-USD and USDC-BRL, so ALIGN-USD is following a well-worn path rather than breaking new ground. The phased listing process follows three steps in sequence: transfers first, then auction mode, then full trading. Deposits for ALIGN opened on Coinbase shortly before the auction mode was activated, consistent with that sequencing. The auction mode activation for ALIGN-USD occurred between August 19 and 20, 2026, according to Coinbase’s announcement. That timing places the token’s full trading debut close behind, pending order book stability during the auction window. What is...