Coinbase Markets is putting its newly launched USDC-BRL trading pair through an auction phase, a controlled price-discovery process the exchange uses when onboarding new pairs. The auction will run for a minimum of 10 minutes, during which traders can place limit orders but no transactions will actually match until a closing price is established.
How the auction works
During the auction window, the order book accepts only limit orders. Market orders are not allowed.
As orders accumulate, the system displays an indicative opening price. This gives participants visibility into where the market is likely to settle without anyone actually getting filled yet.
All iceberg orders and certain bracket orders get canceled when the pair transitions into auction mode. Once the minimum 10-minute window closes and the auction price is set, matched orders execute at that single clearing price. After that, the pair moves into normal continuous trading where bids and asks match in real time.
