Coinbase puts CT-USD trading pair into auction mode as Concrete token debuts

Coinbase has placed the CT-USD trading pair into auction mode, giving the market at least 10 minutes to establish an opening price through limit orders only before continuous trading kicks off. The move coincides with OKX listing CT/USDT on the same day, creating a coordinated debut for Concrete across two of the industry’s largest exchanges. How the auction works During Coinbase’s auction phase, the exchange accepts exclusively limit orders carrying an “Allow Taker” designation. Market orders and post-only orders are shut out entirely. The system collects those limit orders over a minimum 10-minute window, displaying an indicative price throughout so traders can see where supply and demand are converging before the first trade actually executes. OKX is taking a similar but slightly more drawn-out approach. Its CT/USDT call auction runs from 09:00 to 10:00 UTC, a full hour of order collection before continuous spot trading begins at 10:00 UTC. Even after the auction concludes, OKX restricts market orders for an additional five minutes, adding another buffer against early volatility. A familiar playbook for Coinbase This isn’t Coinbase’s first time running this play. The exchange us...