Coinbase is reintroducing public token sales to the U.S. market with the launch of its new, regulated token sale platform, aiming to offer a fair and structured alternative to the ICO frenzy of the past. The platform’s inaugural offering will feature Monad (MON), with a token sale running from November 17 to November 22, 2025.
A New Era for Crypto Fundraising
Coinbase’s platform is designed to bring transparency and broader access to token launches. The process will feature a monthly cadence for sales, with each offering open for a one-week window. To encourage fair participation, an algorithm will prioritize smaller orders, aiming to prevent “whales” from dominating the allocation. A key rule to discourage immediate flipping is that users who sell their tokens within 30 days of listing may see reduced allocations in future sales. Participation is open to verified Coinbase users in over 80 countries, including the U.S., with all purchases made in USDC.
Monad Inaugurates the Platform
Monad, a high-performance, Ethereum-compatible Layer-1 blockchain, was selected as the first project for this new platform. The MON token sale will offer 7.5 billion tokens (7.5% of the total supply) at a fixed price of $0.025 per token. This implies a fully diluted valuation (FDV) of approximately $2.5 billion for the project. The tokens purchased in the sale will be distributed upon the launch of the Monad Public Mainnet, which is scheduled for November 24, 2025.
Looking at the tokenomics, the initial total supply of MON is 100 billion tokens. At the mainnet launch, approximately 10.8% of the supply will be in public circulation, coming from this public sale and an airdrop that distributed 3.3% of the supply. The remaining allocations are 38.5% for Ecosystem Development, 27% to the team, 19.7% to investors, and 4% to the Category Labs Treasury. A significant portion of the supply (50.6%) will be locked at launch, with tokens for the team, investors, and treasury subject to vesting schedules of up to four years to ensure long-term alignment.
What It Means for the Market
This initiative represents a significant shift in the crypto fundraising landscape. It marks the first easy access to public token sales for U.S. retail investors since the ICO era ended in 2018. For the industry, Coinbase is attempting to set a new, regulated standard for how projects launch their tokens, emphasizing transparency and user protection. For investors, it provides a compliant channel for early access to tokens, though the long-term vesting schedules for insiders are a critical factor to watch for future market liquidity.
