Coinbase is launching a new token sales platform aimed at improving how projects distribute tokens. This platform allows users equitable access to tokens and offers clear terms and disclosures. For issuers, it provides access to Coinbase’s global retail user base and focuses on building liquidity in a sustainable way. For the first time since 2018, U.S. retail traders can participate in public token sales, with the first sale scheduled for November 17-22, 2025. The token sale process is designed to prioritize distribution among a broader audience rather than favoring large investors. Users can submit requests for tokens during a defined window, and an algorithm will allocate tokens fairly based on demand. Higher priority is given to users who hold onto their tokens longer, discouraging quick flips after listings. This approach aims to foster a genuine community around each token. Coinbase emphasizes transparency throughout the process. Issuers must provide key information about their projects, including tokenomics and team details. They also face restrictions on selling tokens in secondary markets for six months after the sale. There are no fees for users participating in token sales; issuers pay a fee based on the amount raised. Coinbase plans to host roughly one sale per month, ensuring thorough support for each project.