The Daily: Coinbase launches public token sales platform, Monad unveils tokenomics, DTCC lists five spot XRP ETFs, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Monday! Bitcoin and Ethereum jumped on Sunday and into the start of the week as the U.S. Senate advanced a deal to end the 40-day government shutdown. The move lifted market sentiment, analysts noted, with traders eyeing improved liquidity, policy clarity, and President Trump’s proposed tariff dividend as potential tailwinds.

In today’s newsletter, Coinbase launches a public token sales platform with U.S. access, Monad unveils its tokenomics, the DTCC lists five spot XRP ETFs, and more.

Let’s get started!

P.S. Don’t forget to check out The Funding, a biweekly rundown of crypto VC trends. It’s a great read — and just like The Daily, it’s free to subscribe!

Coinbase launches public token sales platform

Coinbase has opened a new global public token sales platform that restores U.S. retail access to ICO-style launches for the first time since the SEC’s 2018 regulatory crackdown.

Coinbase said that, unlike first-come, first-served platforms, its “filling up from the bottom” algorithm promotes broad distribution and limits concentration among large buyers.
Users who flip tokens within 30 days after listing may also receive smaller future allocations to “prioritize access to a project’s real users,” Coinbase warned.
The launch comes just weeks after acquiring Cobie’s onchain fundraising platform Echo for about $375 million — which allows projects to raise directly from their community through private or public sales using its Sonar platform — though Coinbase said the new product operates independently from the Echo brand.
Issuers must provide detailed disclosures on their projects and accept a six-month lockup, while Coinbase plans monthly token sales and future features like limit orders and tailored allocations.
Coinbase emphasized that users pay no participation or listing fees, with the exchange only taking a cut of the issuer’s USDC proceeds.

Monad unveils tokenomics, says over 50% of MON tokens will be locked at launch

Ethereum-compatible Layer 1 blockchain project Monad set Nov. 17 for a public MON sale — the first on Coinbase’s new token offering platform — with 7.5% of the total 100 billion supply up for grabs at $0.025 each.

The project also revealed its full tokenomics, stating that 50.7% of MON will be locked at launch, consisting of all team (27%), investor (19.7%), and Category Labs (formerly Monad Labs) treasury (4%) allocations, subject to long-term vesting and excluded from staking.
Ecosystem development will receive the largest share at 38.5%, with the Monad Foundation planning to issue grants and validator delegations over time, and the airdrop makes up the final 3.3%.
The MON sale and tokenomics reveal come after Monad previously confirmed Nov. 24 for its public mainnet and token generation event.

DTCC lists five spot XRP ETFs as November launch anticipation grows

The Depository Trust and Clearing Corporation (DTCC) has listed five spot XRP ETFs from major issuers in its active and pre-launch category, signaling growing expectations for imminent debuts.

The listings for the Bitwise, Franklin Templeton, 21Shares, Canary Capital, and CoinShares funds are generally viewed as a positive step but do not guarantee a launch, with several issuers still waiting for their amended S-1 filings to go effective.
However, expectations are rising for spot XRP ETFs to launch this month as the SEC’s new generic listing standards now let issuers fast-track launches without procedural delays.
Indeed, Canary Capital CEO Steven McClurg reportedly said the firm is ready to launch its XRP ETF this week, echoing growing industry expectations for a mid-to-late November introduction.

Ledger eyes New York IPO amid rise in hardware wallet demand

Pascal Gauthier, CEO of Paris-based Ledger, told the Financial Times the firm is eyeing a New York IPO or a private funding round next year, and is actively expanding its presence in the city.

“Me spending more time in New York is with the understanding that money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe,” he said.
Gauthier added that the company is having its strongest year yet, with revenues already in the triple-digit millions ahead of the peak holiday period, amid a surge of demand for its crypto hardware wallets.
Ledger claims to secure roughly $100 billion in bitcoin for customers and continues to ship new products, including the new Ledger Nano Gen5 device.

‘₿est continue’: Michael Saylor’s Strategy buys another $50 million worth of bitcoin

Leading bitcoin treasury company Strategy bought another 487 BTC for $49.9 million, at an average price of $102,557 per coin between Nov. 3 and Nov. 9, lifting its holdings to 641,692 BTC worth around $68 billion.

The firm funded the latest purchases with proceeds from all of its perpetual preferred stock at-the-market programs, including STRC for the first time. No shares of its Class A common stock, MSTR, were sold last week.
Co-founder Michael Saylor again hinted at the latest set of purchases ahead of time, sharing an update on Strategy’s bitcoin acquisition tracker on Sunday, stating, “₿est continue.”