Coinbase Publishes Public Guide Amid Transparency Drive

Coinbase has unveiled a comprehensive public guide outlining its digital asset listing process, aiming to address longstanding controversy and reinforce its commitment to transparency as it faces mounting revenue pressure and industry competition.

This move comes as Coinbase’s Q2 revenue missed analyst projections, coming in at $1.5 billion with notable declines in trading volume and net income.

Despite these headwinds, XRP emerged as a surprisingly bright spot, accounting for 13% of consumer transaction revenue and outpacing Ethereum for a second straight quarter.

The new guide clarifies that applying to list a token on Coinbase is free and merit-based, directly countering previous allegations that the exchange demanded millions in listing fees.

CEO Brian Armstrong emphasized this transparency initiative amid ongoing disputes with token projects over alleged pay-for-listing practices.

The release also highlights Coinbase’s ambition to evolve into an “everything exchange,” capable of supporting millions of tokens through both centralized and decentralized integrations.

A Transparent Five-Step Process

The digital asset listing guide details a five-step evaluation framework designed to ensure every token meets rigorous standards for legal compliance, technical security, and market viability.

Projects begin by submitting a detailed application, followed by business assessments and in-depth reviews. The process specifically addresses securities risk, with the guide noting that tokens promising speculative returns face stricter scrutiny, while those focused on utility or governance rights experience a smoother path to approval.

On average, the due diligence process takes about one week, with approved tokens often listed on Coinbase within two weeks. Assets deployed on established blockchains such as Ethereum, Base, Solana, Arbitrum, Optimism, Polygon, and Avalanche are eligible for expedited listing.

Coinbase’s phased market launch process now includes transfer-only windows, limit order auctions, and controlled expansions into full trading. This structure is designed to protect price discovery and ensure market integrity whenever a new asset goes live.

The exchange says these procedures were created not only to safeguard retail users, but also to respond to negative press after past disputes. In November 2024, TRON founder Justin Sun claimed Coinbase requested $80 million in TRX and a $250 million BTC custody deposit for a listing—allegations echoed by other developers, though denied by Coinbase.

Monetization and Strategic Shifts

Facing shrinking margins from declining trading fees, Coinbase has introduced new revenue models, including a 0.1% fee on USDC-to-USD conversions above $5 million within a 30-day period.

Armstrong defended the move, citing the competitive disadvantage USDC previously had versus Tether. Arbitrage between the two stablecoins had made off-ramping through USDC disproportionately cheap, reducing supply and impacting Coinbase’s revenue.

To further shore up capital and maintain flexibility, Coinbase announced a $2 billion convertible senior notes offering, with proceeds earmarked for corporate needs, acquisitions, and capped call transactions to reduce dilution risk.

The company also expanded its Bitcoin treasury, purchasing 2,509 BTC during Q2 for a total holding of 11,776—placing it among the top 10 public holders. However, these additions were not enough to offset weaker overall market activity.

Meanwhile, Coinbase is diversifying into prediction markets, tokenized stocks, and U.S. derivatives, while also securing a European MiCA license through Luxembourg to strengthen its international footprint.

Partnerships such as enabling Chase Ultimate Rewards point transfers into crypto further underscore its strategy to remain at the industry’s vanguard despite macro and regulatory headwinds.

Looking Ahead

Earlier this year, TIME named Coinbase one of 2025’s 100 Most Influential Companies, citing its role in shaping U.S. digital asset policy and forecasting its potential to become America’s central crypto trading hub.

The firm’s renewed emphasis on listing transparency aligns with broader regulatory developments, including the SEC’s Project Crypto initiative and the bipartisan GENIUS Act, which aims to establish legal frameworks for payment stablecoins.

With its new digital asset listing guide, Coinbase is taking another step toward restoring confidence in the exchange while positioning itself as the industry benchmark for fairness, compliance, and global reach in an evolving crypto landscape.