Coinbase is making headlines in 2025 with the launch of a regulated platform for primary token offerings, reintroducing US retail investors to public cryptocurrency sales for the first time since the ICO wave of 2018. This new initiative signals a significant change for individual investors, venture capitalists, and the broader crypto space, coming after years of regulatory uncertainty and market caution.
The New Era of Token Offerings
Coinbase ’s newly launched platform is designed to provide vetted, transparent, and regulated initial sales for new blockchain projects. Under this scheme, retail investors in the United States gain access to opportunities that were previously available only to institutional players. The exchange will hold approximately one token sale per month, starting with Monad—a next-generation blockchain protocol—whose native MON token will be available for purchase from November 17 to November 22, 2025.
This revival of public token offerings reflects both a technological leap and a response to lingering problems from the 2017-2018 ICO boom. Back then, initial coin offerings raised billions of dollars but faced criticism and regulatory clampdowns after many projects collapsed or were revealed as fraudulent.
How It Works: Democratizing Access and Reducing Speculation
Each token sale operates with a seven-day window during which investors submit purchase requests. Instead of relying on a first-come, first-served approach—which favored those with automation or insider access—Coinbase employs an allocation algorithm that prioritizes smaller buyers, gradually filling larger requests. This mechanism aims to maximize broad participation and reduce the risk of whales dominating supply.
To counter speculative “flipping,” buyers who immediately sell newly acquired tokens within 30 days are penalized with reduced priority for future sale allocations. This discourages short-term trading and supports the long-term stability of project tokens. Additionally, every project launched via Coinbase is subject to a six-month lock-up period for founders and affiliates, barring them from selling tokens on exchanges or OTC desks without Coinbase ’s approval and public disclosure.
Participation is free for buyers, reflecting a user-centric approach that removes the financial barriers often present in legacy offerings. Issuers, meanwhile, pay a fee based on the volume of USDC collected, along with a registration fee.
Compliance and Infrastructure: Raising the Bar
The platform is built with strict compliance requirements, ensuring investors hold verified Coinbase accounts and pass all necessary checks to participate. Token purchases settle exclusively in USDC , providing transparency, regulatory oversight, and dollar-backed stability throughout everyone’s investment process. USDC , recently issued through the IPO of its parent Circle , stands as the world’s second-biggest regulated stablecoin, with monthly reserve attestations and fully-backed assets.
Coinbase vets each project—evaluating the founding team, tokenomics, and distribution mechanisms—before allowing any token to be listed. Projects must disclose their structures in detail and adhere to strict liquidity and lock-up rules, aiming to learn from the excesses and pitfalls of the ICO era.
Monad: The Flagship Launch
Monad’s MON token sale will set the stage for this new paradigm. At launch, 7.5 billion MON tokens—7.5% of total supply—are offered at $0.025 each, with expected distribution to take place on November 24. The sale is open to verified users across more than 80 countries, requiring payment in USDC and prioritizing retail-first allocations. The protocol itself touts high performance with 10,000 transactions per second and near-instant finality.
A Brief History: ICO Mania and Regulatory Response
The ICO boom of 2017-2018 saw blockchain startups rapidly raise capital, drawing in massive public interest and over $13 billion in just the first six months of 2018. However, widespread losses, opaque operations, and regulatory scrutiny soon followed. By late 2018, audits found 86% of ICO tokens traded below launch price, and the Securities and Exchange Commission (SEC) insisted many tokens functioned as securities under the Howey test.
Many platforms, including Coinbase , withdrew from public offerings in the wake of this turmoil, shifting toward stricter compliance and focusing on listed cryptocurrencies rather than new launches. The latest move signals a return—albeit with significant new rules.
What This Means for Retail Investors
The new platform’s structure enables ordinary investors, not just institutional funds, to participate in early-stage crypto innovation. By integrating the token sale process into its regulated exchange infrastructure, Coinbase ensures seamless access to secondary markets once trading begins, reducing friction and empowering wider participation. Lock-up periods and anti-flipping rules further safeguard against manipulation, making it less likely that early buyers will immediately dump tokens for a quick profit.
All token purchases require USDC , which itself is a paradigm of regulated, transparent, dollar-pegged digital currency. This arrangement helps foster trust, easier settlement, and a neutral playing field for buyers.
The Road Ahead: Regulated Innovation
Coinbase ’s token sales platform marks a pivotal moment for the crypto sector, marrying innovation with compliance and transparency. By allowing regular investors to access vetted, structured initial offerings, it extends the benefits of blockchain investment beyond traditional venture capital circles.
The approach could reshape public engagement with token launches, aiming to build fairer, less speculative, and more enduring crypto ecosystems. As more projects follow Monad, the monthly cadence of offerings promises a steady stream of new opportunities—each governed by transparent algorithms, strict compliance, and the security of fully-backed stablecoins like USDC.
If successful, this reinvention may inspire other exchanges and market players to adopt similar models, guiding the sector away from chaotic speculation and back toward sustainable growth and retail empowerment.
