Which Coinbase sale requires USDC bids?

Coinbase’s new token sale platform is launching its first sale for the Monad (MON) token, and all bids must be made using USDC (a stablecoin pegged to the US dollar).

1. Bids are accepted in USDC over a one-week period, with smaller orders favored by an allocation algorithm to encourage wider participation according to a market update.
2. Coinbase plans to hold about one token sale each month, starting with Monad from November 17 to 22, available only to verified users per a press roundup.
3. Users who sell their tokens within 30 days may receive lower priority in future sales, encouraging longer-term holding as reported.

Deep Dive

1. Which Sale Requires USDC?

Coinbase is bringing back public token sales, and the first one is for Monad (MON). This sale specifically requires bids to be made in USDC. The sale runs from November 17 to 22, and using USDC helps keep the bidding and settlement process consistent for everyone involved per a market update.

What this means: If you want to participate in the Monad sale, you need to have USDC ready—not regular USD or other stablecoins.

2. How Does Bidding Work?

You have one full week to submit your bids in USDC. Coinbase uses an algorithm that favors smaller bids to help spread tokens more evenly among participants. To join, you must have a verified Coinbase account that meets compliance standards. Coinbase plans to hold about one token sale each month. Also, there are “anti-flip” rules: if you sell your tokens too quickly after buying, you might get lower priority in future sales per a press roundup as reported.

3. Why Use USDC?

USDC is a stablecoin backed by the US dollar, which means its value stays steady. This stability removes the risk of price swings during bidding and makes it easier for Coinbase to manage compliance and settle transactions smoothly. Multiple sources confirm that all purchases must be made in USDC, making it the standard currency for these token sales per a market update.

What this means: You’ll need to hold USDC in your Coinbase account to participate. This helps avoid issues like currency conversion delays or price changes during the sale.

Conclusion

The Monad (MON) token sale on Coinbase’s new platform requires bids in USDC during a one-week window. The sale uses an allocation system that favors smaller bids and discourages quick reselling to promote fair distribution and smoother transactions. If you’re interested, make sure you have USDC ready and a verified Coinbase account to participate.

What could affect the price of USDC?

USDC’s $1 value peg is facing some complex challenges despite its stablecoin design.

1. Regulatory Changes – New laws like the GENIUS Act in the U.S. and MiCA in Europe could either strengthen USDC’s position or open the door for more competition.
2. Institutional Use – Partnerships with companies like Ant Group and Visa are expanding USDC’s real-world uses, but success depends on maintaining trust.
3. Competition from High Yields – Other stablecoins like USDe, offering up to 8% annual returns on Binance, are attracting users and could reduce USDC’s market share.

Deep Dive

1. Regulatory Compliance (Mixed Impact)

Overview:
The U.S. GENIUS Act, which is awaiting a vote in the House of Representatives, may require stablecoins to have insurance similar to what banks have through the FDIC. This favors USDC’s transparent and audited approach compared to less transparent competitors like Tether. In Europe, the MiCA regulation, effective July 2025, will require exchanges to remove stablecoins that don’t comply. USDC currently holds a strong position, making up 74.6% of European institutional over-the-counter (OTC) trades.

What this means:
Stricter regulations could make USDC the preferred “compliant” stablecoin for institutions, increasing demand. On the other hand, too much regulation might push decentralized finance (DeFi) users toward more censorship-resistant options, limiting USDC’s growth in those areas.

2. Market Liquidity & Competition (Bearish Risk)

Overview:
USDC’s total supply has grown 40.4% this year to $62.8 billion. However, Ethena’s USDe stablecoin offers an attractive 8% annual percentage yield (APY) on Binance, drawing $3.2 billion in deposits within just nine days. Meanwhile, Tether’s market lead over USDC has narrowed to about 2.5 to 1.

What this means:
Stablecoins offering higher yields like USDe could pull liquidity away from USDC, especially in DeFi markets. If USDe surpasses USDC’s presence on Binance (where USDC currently makes up 46% of the stablecoin supply), it could reduce USDC’s trading volume and impact Circle’s earnings from interest on reserves.

3. Institutional On-Ramps (Bullish Catalyst)

Overview:
Ant Group has integrated USDC for cross-border payments, and OKX now offers zero-fee conversions between USD and USDC to 60 million users. Circle’s partnership with Corpay aims to embed USDC into global foreign exchange systems by late 2025.

What this means:
Growing adoption by large companies could establish USDC as the “digital dollar” for business-to-business transactions, connecting traditional finance liquidity with crypto markets. However, this depends on smooth compliance with different regional rules like MiCA.

Conclusion

USDC’s ability to maintain its $1 peg depends on balancing regulatory advantages with competition from higher-yield stablecoins and growing institutional use. While regulations like MiCA and the GENIUS Act could secure USDC’s leadership, challengers like Ethena’s USDe threaten its position in DeFi. Keep an eye on Circle’s Q4 reserve reports and the House vote on the GENIUS Act to see if transparency and trust will outweigh the appeal of higher yields.

What are people saying about USDC?

USDC’s position as a compliance-first stablecoin is sparking discussions, new earning opportunities, and growth across the crypto ecosystem. Here’s what’s trending:

1. Prediction markets are using USDC for fast settlements and sharing revenue with users.
2. Reversible transactions raise questions about decentralization but could lead to safer payment options.
3. Regulatory support is encouraging more institutional use, especially as Europe updates its rules with MiCA.

Deep Dive

1. @MyriadMarkets: USDC Trading Volume Hits New High — Positive Sign

"Surpassed $10 million in USDC trading volume [...] offering up to 1% referral rewards in USDC."
– @cfc_anie (2.1K followers · 6.4M impressions · Oct 11, 2025)
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What this means: The growth of prediction markets like Myriad and Limitless shows USDC’s strength as a go-to currency for decentralized finance (DeFi) transactions. Its low fees and ability to offer programmable rewards make it popular for these platforms.

2. @BitcoinWorldN: Reversible USDC Sparks Debate — Mixed Feelings

"Is this the end of immutability [...] or safer on-chain payments?"
– @BitcoinWorldN (56.2K followers · 3.3K impressions · Sept 25, 2025)
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What this means: Circle, the company behind USDC, is testing reversible transactions. While this could upset those who value blockchain’s unchangeable nature, it might appeal to regulated businesses looking for protection against fraud.

3. @WuBlockchain: Regulatory Changes Boost USDC — Positive Outlook

"USDC supply surged 40.4% year-to-date [...] narrowing Tether’s lead to a 2.5:1 ratio."
– Community post (July 12, 2025)
View original post
What this means: New laws like the U.S. GENIUS Act and Europe’s MiCA regulation support USDC’s transparent, audit-focused approach. This is helping big companies like Ant Group and OKX adopt USDC, including zero-fee currency conversions.

Conclusion

Overall, the outlook for USDC is positive, thanks to its strong regulatory compliance and usefulness in DeFi. However, some concerns remain about how centralized it is. Keep an eye on Circle’s Q4 reserve reports expected in December 2025, which will provide more transparency as USDC faces competition from other yield-focused stablecoins like Ethena’s USDe.

What is the latest news about USDC?

USDC is facing mixed signals right now. On one hand, regulatory concerns are causing some worry, but on the other, Circle—the company behind USDC—is reporting strong earnings and expanding its partnerships. Here’s a quick summary of the latest news:

1. Mizuho Downgrades Circle Stock (November 15, 2025) – The price target was lowered to $70 due to concerns about profitability.
2. Yala’s YU Stablecoin Crisis (November 16, 2025) – A large USDC withdrawal sparked fears that YU might lose its stable value.
3. Circle’s Q3 Earnings Beat Expectations (November 16, 2025) – Revenue doubled to $740 million, driven by growing USDC use.

In-Depth Look

1. Mizuho Downgrades Circle Stock (November 15, 2025)

What happened: Mizuho Securities lowered their rating on Circle’s stock (ticker: CRCL) to “underperform,” cutting the price target from $84 to $70. They pointed to slow growth in USDC circulation (a slight weekly decline of 0.0365%) and increased competition from other stablecoins like Tether and PayPal’s PYUSD.

Why it matters: This downgrade signals worries about Circle’s ability to make money from USDC as profit margins shrink. Still, USDC remains strong with a market value of $74.8 billion and daily trading volume of $10.5 billion, showing steady demand. (Source: Coincu)

2. Yala’s YU Stablecoin Crisis (November 16, 2025)

What happened: Yala’s YU stablecoin lost its peg, dropping to $0.96 after a $7.6 million USDC liquidity withdrawal from Euler Finance. This caused exchanges like Bybit to halt YU trading. The USDC reserves backing YU faced sudden redemption pressure.

Why it matters: Although USDC itself stayed stable, this event highlights risks in decentralized finance (DeFi) where stablecoins rely on collateral. Traders should watch USDC’s usage rates (currently a 0.141 turnover ratio) as a sign of potential liquidity stress. (Source: CoinMarketCap)

3. Circle’s Q3 Earnings Beat Expectations (November 16, 2025)

What happened: Circle reported third-quarter revenue of $740 million, a 66% increase year-over-year, fueled by USDC’s growing use in cross-border payments and tokenization. Net income was $214 million, or $0.64 per share, beating estimates of $0.22.

Why it matters: These strong earnings show USDC’s growing importance in institutional finance, especially after partnerships with companies like FIS and Hyperliquid. However, Mizuho’s cautious stance suggests some investors remain skeptical about how long this growth can last. (Source: Crypto Daily)

Conclusion

USDC is navigating challenges from analyst doubts and volatility in decentralized finance but continues to gain ground with institutions thanks to solid earnings and strategic partnerships. The big question is whether Circle’s focus on regulatory compliance can help it maintain profits as competition among stablecoins heats up.

What is expected in the development of USDC?

USDC’s upcoming plans focus on making it easier to use and aligning with regulations:

1. Cash App Integration (Early 2026) – Over 50 million users on Block’s Cash App will be able to send and receive USDC.
2. Coinbase Derivatives Collateral (2026) – USDC will be accepted as collateral for crypto futures trading on Coinbase.
3. Firearm Policy Update (Nov 5, 2025) – USDC can be legally used for compliant firearm purchases in the U.S.
4. Banking Partnerships (Ongoing) – USDC is being integrated with U.S. banks through a partnership with FIS.

Deep Dive

1. Cash App Integration (Early 2026)

Overview: Block’s Cash App, which has over 50 million users, will allow people to send and receive USDC directly. This makes it easier to use USDC for small payments and international transfers (CoinoMedia).
What this means: This is a positive step for USDC because it connects everyday users with cryptocurrency. However, it depends on meeting regulatory rules in different areas.

2. Coinbase Derivatives Collateral (2026)

Overview: Coinbase plans to let traders use USDC as collateral for futures trading through a regulated clearinghouse called Nodal Clear. This reduces the need to convert between crypto and regular money (CoinMarketCap).
What this means: This could increase demand for USDC among professional traders, but success depends on having enough liquidity and clear regulations for stablecoins in trading.

3. Firearm Policy Update (Nov 5, 2025)

Overview: Circle updated its policies to allow USDC to be used for legal firearm purchases in the U.S., while still following anti-money laundering rules (CoinMarketCap).
What this means: This expands what USDC can be used for but may attract criticism from regulators and groups concerned about firearm sales.

4. Banking Partnerships (Ongoing)

Overview: Since July 2025, Circle has partnered with FIS to help U.S. banks use USDC for payments and settlements, aiming to bring crypto into traditional finance (CoinMarketCap).
What this means: This is a promising long-term development, but it depends on banks being willing to adopt crypto technology amid changing regulations.

Conclusion

USDC’s roadmap is focused on connecting traditional finance with cryptocurrency by making it accessible to everyday users, offering tools for institutions, and staying aligned with regulations. The main challenges include possible changes in policies and competition from other stablecoins. The question remains: will USDC’s focus on compliance help it become the “digital dollar” for global finance?

What updates are there in the USDC code base?

USDC’s recent software updates focus on improving cross-chain transfers and strengthening compliance systems.

1. CCTP V2 Expansion (June 24, 2025) – An upgraded cross-chain protocol launched on the Codex blockchain.
2. Native USDC on XRPL (June 12, 2025) – USDC now issued directly on the XRP Ledger for business applications.
3. World Chain Integration (June 11, 2025) – Over 2 million wallets on World Chain switched from bridged to native USDC.

Deep Dive

1. CCTP V2 Expansion (June 24, 2025)

What happened: Circle’s Cross-Chain Transfer Protocol (CCTP) version 2 went live on Codex, a blockchain designed for business-to-business transactions. This upgrade allows USDC to move quickly and securely across more than 10 different blockchains.

The system works by “burning” USDC tokens on the original blockchain and “minting” new ones on the destination blockchain after verification. This method avoids using bridges, which have been vulnerable to hacks like the $600 million Poly Network attack.

Why it matters: This makes USDC transfers faster (under 10 minutes) and safer, which is especially important for institutions handling large amounts of money. (Source)

2. Native USDC on XRPL (June 12, 2025)

What happened: USDC is now issued natively on the XRP Ledger (XRPL), replacing the previous wrapped version. This allows developers to create payment and decentralized finance (DeFi) applications with direct access to USDC funds.

XRPL offers fast transaction times (3-5 seconds) and very low fees (less than $0.001). With over $1.2 billion in daily foreign exchange flows already using XRPL, USDC can serve as a key asset for currency exchange and remittances.

Why it matters: This expands USDC’s use cases but also faces competition from XRP itself in payment networks. However, USDC’s clearer regulatory status gives it an advantage for institutional users. (Source)

3. World Chain Integration (June 11, 2025)

What happened: More than 2 million wallets on World Chain, which has over 27 million users, were automatically upgraded from using bridged USDC tokens to native USDC. This upgrade required no action from users and maintained compatibility with existing systems.

Issuing USDC natively reduces dependence on third-party bridges and lowers risks related to smart contracts. It also opens up Circle Mint’s institutional services to developers on World Chain.

Why it matters: This strengthens USDC’s position as a global settlement currency by integrating seamlessly with a widely used blockchain spanning over 160 countries. (Source)

Conclusion

USDC’s updates focus on making cross-chain transfers more efficient and building compliance-ready infrastructure. The CCTP V2 upgrade improves interoperability, while native deployments reduce risks from intermediaries. These changes could help USDC compete with central bank digital currencies (CBDCs) in institutional payment systems.