In a bid to enhance transparency and address previous allegations concerning its listing practices, Coinbase has introduced a comprehensive guide outlining its digital asset listing process. This initiative is notably timed as the exchange grapples with significant declines in revenue and trading volumes. CEO Brian Armstrong emphasized that the listing applications will remain free and merit-based, countering claims that the exchange had charged exorbitant fees for token listings.
The new guide was disseminated following a challenging quarter for Coinbase, which reported second-quarter revenues of $1.5 billion—falling short of analyst forecasts that predicted $1.59 billion. Additionally, consumer trading volumes plummeted by 45% to $43 billion, resulting in a net income decrease to $33.2 million, a sharp drop from $294.4 million in the same quarter of 2024. As a reaction to these sobering figures, Coinbase’s stock plummeted by 9.2% in after-hours trading, yet it has managed to recover approximately 50% year-to-date.
Among the highlights of the listing guide is a five-step evaluation process that includes application submission, a business assessment, and core reviews encompassing legal, compliance, and technical security elements. The guide underlines that successful listings are crucial for projects looking to gain access to deep liquidity and a global customer base via a reliable regulatory framework.
In addressing common concerns about securities risks, the guide states that projects that focus on token utility and governance rights will likely encounter a smoother review process compared to those aimed at generating speculative returns. The average duration for due diligence is approximately one week, with the potential for trading to launch within two weeks of approval, contingent upon the complexity of the asset. Tokens associated with established networks like Ethereum and Solana are highlighted for expedited processing.
Armstrong’s transparency initiative also coincides with Coinbase’s strategic shift towards becoming an “everything exchange,” which aims to support millions of tokens through decentralized exchange integrations. The exchange announced plans to reduce barriers surrounding asset listings, enabling a variety of trading structures designed to ensure market integrity during asset introductions.
Despite the positive communication regarding its listing process, allegations against Coinbase continue to loom. Notably, Justin Sun, the founder of TRON, previously claimed that Coinbase demanded 500 million TRX—valued at approximately $80 million—for a listing, alongside a $250 million Bitcoin deposit. Allegations of similar demands were voiced by Sonic Labs co-founder Andre Cronje, who spoke of requested fees between $30 to 300 million for listings.
In light of falling revenues, Coinbase has also been exploring new monetization strategies. Recently, it implemented a 0.1% fee on USDC-to-USD conversions exceeding $5 million over a 30-day period—a change that has faced backlash from users, who drew comparisons to traditional banking practices. CEO Armstrong defended the fee, arguing it was necessary to curb arbitrage opportunities that had favored users transferring from USDT to USDC before converting to USD.
In response to sluggish Q2 results, Coinbase announced a $2 billion offering of convertible senior notes maturing between 2029 and 2032, designed to fund corporate initiatives, including acquisitions and debt repurchases. The exchange also reported a substantial purchase of Bitcoin during the quarter, acquiring 2,509 BTC worth $222 million and bringing its total holdings to 11,776 BTC, positioning it as one of the top public holders of the cryptocurrency.
Coinbase is actively working to diversify its revenue streams through prediction markets, tokenized stocks, and derivatives tailored for U.S. users. The exchange has also gained a European MiCA license via Luxembourg’s financial regulator and is pursuing innovative partnerships, such as integrating Chase Ultimate Rewards points with crypto wallets.
Despite the financial pressures, Coinbase received recognition from TIME as one of 2025’s 100 Most Influential Companies, highlighting its role as a “disruptor” in shaping U.S. digital asset policies. The regulatory environment surrounding Coinbase’s efforts includes significant initiatives like the SEC’s Project Crypto, which aims to foster on-chain financial markets, and the GENIUS Act, designed to facilitate a clearer framework for payment stablecoins.
