Coinbase Activates 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.

The auction phase allows limit orders to be 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.

This mechanism has been used by Coinbase since at least 2021 across multiple new and restarted order books, including MON-USD and USDC-BRL.

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.