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.
